Crypto infrastructure firm Zerohash has successfully secured $104 million in a funding round, bolstered by the support of notable financial institutions, including Morgan Stanley and SoFi. This Series D round was spearheaded by Interactive Brokers, a renowned global automated trading company, and included strategic investors who are current clients of Zerohash, as highlighted by founder and CEO Edward Woodford in a recent interview.
The latest capital infusion brings Zerohash’s valuation to an impressive $1 billion. Woodford emphasized the firm’s intention to partner with some of the most reputable brands in the financial industry, aiming to act as a conduit to facilitate the adoption of emerging blockchain technologies.
In addition to Interactive Brokers, which is already utilizing Zerohash for its crypto trading and custody services, funds managed by Apollo were also part of this investment round. The influx of capital aligns with a broader trend in the financial sector, as many firms are now seizing opportunities within the cryptocurrency space, encouraged by a more favorable regulatory stance under the current administration.
Since the onset of the new administration, the regulatory landscape surrounding cryptocurrency has shifted dramatically. Previously, under former SEC Chairman Gary Gensler, the outlook on crypto was largely critical. However, the current government has warmed to the potential of this technology, garnering renewed optimism among major financial executives, including those at Morgan Stanley and Bank of America.
SoFi’s CEO, Anthony Noto, indicated a readiness to reintegrate crypto trading for his platform in light of these regulatory changes. Founded in 2017, Zerohash aims to empower banks and fintech companies by providing them with the tools to offer blockchain-based solutions across three principal areas: crypto trading, stablecoins, and tokenization. Woodford elaborated that a portion of the newly raised funds will be allocated towards accelerating adoption across these segments with a diverse array of customers who are also investing in the company.
Furthermore, Woodford hinted at forthcoming announcements related to collaborations with investors such as Morgan Stanley and SoFi, although he could not confirm their current client status. “These groups aren’t VCs,” he remarked, suggesting there are more developments expected on the horizon, possibly enhancing Zerohash’s offerings in the rapidly evolving crypto ecosystem.
