zerohash
Chicago-based plumbing that lets brokers, banks and payment apps offer crypto and stablecoins, valued at $1B in 2025. It turned down Mastercard and is still chasing a federal trust charter.
zerohash.com; Reuters via Yahoo Finance, Sep 2025; PYMNTS, Jan 2026- Valuation
- $1B at the $104M Series D-2 led by Interactive Brokers in September 2025. A raise above $1.5B was reported in May 2026, not confirmed.
- Raised
- About $275M total funding reported after the 2025 round; backers include Point72, Bain Capital Ventures, Nyca, Morgan Stanley and Apollo funds.
- Licenses
- 51 US jurisdictions plus EU US money transmitter, NY virtual currency license, North Carolina trust company, MiCA crypto and Dutch e-money licenses.
- Watch
- Federal charter pending The OCC returned its national trust bank application in July 2026; a narrower one was refiled in August.
- AI
- Payments for AI agents An Agentic Finance Suite (July 2026) lets agents hold, move and stream stablecoins over the x402 protocol.
- Liquidity
- No staff tender reported no tender offer for employees found. The 2025 Form D shows $9.2M of proceeds going to officers, directors or promoters.
- Hiring
- 23 → 25 remote listings since Oct 10.
Fees and spreads on crypto and stablecoin flows it runs for other brands.
Clients such as Interactive Brokers, Stripe, Gusto and Visa Direct plug into zerohash APIs for trading, custody, account funding and stablecoin payouts, while zerohash holds the licenses. Its European fee page shows a spread of 100 to 400 basis points on quoted trades plus commissions negotiated with each platform. It publishes no revenue or split.
zerohash pricing and fees page, checked Nov 3, 2026- 1A license stack that is slow to copyUS money transmission in 51 jurisdictions, NYDFS licenses, a North Carolina trust charter, Dutch MiCA and e-money licenses, plus Australia, Bermuda, Canada and Argentina registrations.zerohash docs FAQ, checked Nov 3, 2026
- 2Big financial brands already run on itNamed clients include Interactive Brokers, Morgan Stanley, Stripe, Franklin Templeton, Gusto and Visa Direct, which reaches over 18 billion endpoints.zerohash, Aug 5, 2026; Mar 2026
- 3Customers are also shareholdersInteractive Brokers led the 2025 round and Morgan Stanley, SoFi and tastytrade invested; all three brokerages use zerohash.Pulse 2.0, Sep 29, 2025
- Coinbase$38.0Blisted, Oct 30 close
- Paxos$2.40Bprivate, May 2
- BVNK (being bought by Mastercard)$1.80Bprivate, Mar 17
- zerohash$1.00BSeries D-2, Sep 23
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
zerohash is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $1.00B
- latest valuation, Series D-2 Sep 23
- $275M
- raised in all
- 200
- employees, as reported
Not disclosed. The 2025 Form D declined to give a revenue range.
zerohash, Mar 18, 2026; Pulse 2.0, Sep 2025; SEC Form D/A- Sep 23Series D-2$104M at $1.00BLed by Interactive Brokers. About 10% of the company, if all new sharesNew: Morgan Stanley, SoFi, Apollo funds, Jump Crypto. Form D: $104.0M sold to 25 investors, first sale Jun 30, 2025.Reuters via Yahoo Finance, Sep 23, 2025; SEC Form D/A
- Jan 12Series D$105MLed by Not named; Bain Capital, Nyca and Point72 Ventures investedCompany declined to give a valuation. Form D: $106.4M sold to 6 investors.CoinDesk, Jan 12, 2022; SEC Form D
- Sep 30Series C$35MLed by Point72 VenturesNyca Partners and DriveWealth joined, plus angels including Mercury's founder. Valuation not disclosed.The Block, Sep 30, 2021
- Down round or flat round?No sign of one. The 2025 round set a $1B value; the 2022 Series D had no disclosed price (PitchBook put it at $340M, per The Paypers).The Paypers, Sep 24, 2025Clear
- How much of the company the last round soldAbout 10%: $104M at $1B. Reports do not say whether $1B is pre or post money.Reuters via Yahoo Finance, Sep 23, 2025Clear
- Time since the last raiseAbout 13 months. CoinDesk reported in May 2026, citing an unnamed source, that zerohash is raising at above $1.5B; no close announced.crypto.news citing CoinDesk, May 20, 2026Clear
- Structured or unusual termsNo unusual terms reported. The Form D lists plain equity, no sales commissions, and $9.2M of proceeds to officers, directors or promoters, without saying why.SEC Form D/A, filed Sep 26, 2025Open
- Who led the last roundInteractive Brokers, a client and strategic backer. Its CEO Milan Galik was listed as a zerohash director on the 2022 Form D, so not a stranger.SEC Form D, filed Jan 5, 2022Clear
- Tender offers or secondary sales for staffNone reported in press or company releases. Whether the $9.2M to insiders in 2025 was a share sale is not stated.zerohash press page, checked Nov 3, 2026Open
- Layoffs in the last 12 monthsNone found in news searches. Headcount was about 200 in March 2026 and the careers board listed 27 roles on Nov 3, 2026.zerohash, Mar 18, 2026; Breezy boardClear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Neutral
It said no to Mastercard.
PYMNTS, Jan 20, 2026; Reuters via The Star, Oct 30, 2025Fortune reported in Oct 2025, citing five unnamed sources, late-stage talks for Mastercard to buy zerohash for $1.5B to $2B. In Jan 2026 zerohash told CoinDesk it was "not entertaining an acquisition by Mastercard."
A buyer was willing to pay up to twice the last round price. Staying independent keeps the upside, and the risk, with shareholders.
- 02Watch
Mastercard bought a rival instead.
PYMNTS, May 20, 2026; Davis Polk, Mar 2026Mastercard agreed in March 2026 to buy BVNK for up to $1.8B. CoinDesk reported, citing an unnamed source, that it then dropped plans to invest in zerohash.
A card network now owns a direct competitor in stablecoin payments. Zerohash still works with Visa Direct.
- 03Neutral
A bigger round is reported, not done.
crypto.news citing CoinDesk, May 20, 2026; The Paypers, Jan 2026Reports said zerohash was in talks to raise $250M at $1.5B in Jan 2026, and to raise above $1.5B in May. A spokesperson said it does not comment on fundraising.
If it closes, staff equity is marked up. Until announced, treat $1B as the last real price.
- 04Watch
Regulator sent back its bank charter bid.
American Banker, Sep 1, 2026; crypto.news, Aug 26, 2026The OCC returned the March 2026 national trust bank application on July 17 without a decision. Zerohash refiled on Aug 18, dropping stablecoin management and transfer agent services from scope.
Banking Dive called the return a first for the OCC. Zerohash says it does not affect current operations; the timeline for a federal charter is now longer.
- 05Watch
Ex compliance chief is suing, per press.
Banking Dive, Aug 17, 2026; crypto.news, Aug 2026Banking Dive reports a former global chief compliance officer sued zerohash in Feb 2025 alleging wrongful termination; crypto.news says it is a California case the company is defending.
These are the plaintiff's claims, not findings. For a licensed money business, compliance turnover is worth asking about in interviews.
- 06Good
Licensed across the EU.
zerohash, May 18, 2026; Nov 2, 2025zerohash europe got MiCA authorization from the Dutch AFM in Nov 2025 and an e-money license from the Dutch central bank in May 2026; Amsterdam is its European base.
One license covers the whole EEA, which lets it sell stablecoin payments to European banks and apps.
- 07Good
A state trust company is live.
zerohash, Sep 2, 2025North Carolina approved Zero Hash Trust Company to launch on Sep 1, 2025, to act as qualified custodian, power retirement accounts and issue and hold stablecoins.
This lets it do custody and stablecoin work today while the federal charter is pending.
- 08Good
Payments wins in 2026.
zerohash, Jan 20, 2026; Aug 5, 2026; Reuters, Sep 2025Gusto picked zerohash for stablecoin contractor payouts (Jan 2026) and Visa Direct added stablecoin payouts and prefunding powered by zerohash (Aug 2026). Morgan Stanley chose it for E*Trade crypto trading.
The mix is shifting from brokerage trading toward payments, which is less tied to crypto prices.
- 09Good
Mostly remote roles.
Breezy careers board, checked Nov 3, 2026Its Breezy board lists 27 openings, most tagged remote, and lists "Work from anywhere" as a benefit. Offices are in New York, Chicago, North Carolina and Amsterdam.
Some roles are remote only within named cities, so check each posting.
What the hiring data says.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with zerohash?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Built for agents. x402 payments and agent onboarding live in beta; open to AI crawlers; no MCP server found.
Still Remote read- YesAgent payment protocolsThe Agentic Finance Suite (Jul 30, 2026) supports x402 for pay-per-request payments, and zerohash joined the x402 Foundation.zerohash, Jul 30, 2026
- YesOnboarding for AI agentsDocs include Know Your Agent onboarding, agent wallets, and spending caps for streamed payments.docs.zerohash.com/llms.txt, checked Nov 3, 2026
- MixedVisa and Mastercard agent programsAn Applied AI job posting names AP2, Visa TAP and Mastercard Agent Pay as standards to build for. No launch with either network's agent program has been announced.zerohash Breezy posting, checked Nov 3, 2026
- Not foundAn MCP server agents can callNo public zerohash MCP server found in docs or search. Its job posts mention MCP servers for internal tools only.docs.zerohash.com/llms.txt, checked Nov 3, 2026
- YesSite and docs AI tools can readzerohash.com/llms.txt (about 8,700 characters) and docs.zerohash.com/llms.txt (about 98,000 characters) both exist.checked Nov 3, 2026
- YesLets AI crawlers read its siterobots.txt explicitly allows GPTBot, OAI-SearchBot, ChatGPT-User, PerplexityBot and ClaudeBot; it blocks only /agreement/ and /20vc for everyone.checked Nov 3, 2026
Where zerohash puts AI to work.
- 1An internal agent layerAn open Applied AI role builds an "Intelligence Core": per-department agents on Claude, GPT or Bedrock, MCP connectors and Databricks, with kill switches and hash-chained audit logs.zerohash Breezy posting, checked Nov 3, 2026
- 2Automation for open bankingAn engineering manager posting describes agent-based browser automation that turns web data into APIs for an open banking product.zerohash Breezy posting, checked Nov 3, 2026
As many listings as on Sep 16, led by engineering.
What has to be true for $1 billion to hold?
zerohash does not publish revenue, so the starting number is your assumption, not ours. A way to think, not a forecast, and not investment advice.
At 25x, zerohash needs $40 million of revenue to be worth $1 billion. Your world gets there with $78 million, so the next round likely prices above the last.
$100,000 of equity valued at the $1.00B Series D-2 price would be worth about $196,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Reuters via Yahoo Finance, Sep 23, 2025The signals, and which way they push.
- TailwindBig payment networks want stablecoin rails.
Visa Direct, Gusto, Marqeta and MAJORITY launched stablecoin features on zerohash in 2026.
- TailwindWall Street brokers are adding crypto.
Morgan Stanley picked zerohash to run E*Trade crypto trading from the first half of 2026, and took part in its 2025 round.
- HeadwindA card network backs a rival.
Mastercard agreed to buy BVNK for up to $1.8B after talks with zerohash ended.
- HeadwindFederal charter is slower than planned.
The OCC returned the first application in July 2026; the August refile is narrower and still under review.
Where zerohash ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
zerohash lists its shares on a public exchange by 2031.
Long shot 16%IPONo filing has been reported and it is raising privately at a higher price. Its board is tied to investors and clients who can keep funding it.
crypto.news citing CoinDesk, May 2026 - 2
A bank, broker or payments network buys zerohash by 2031.
Coin flip 50%M&AMastercard was reported in late-stage talks at $1.5B to $2B in 2025. Zerohash refused, but its strategic owners like Interactive Brokers and Morgan Stanley are natural buyers.
Reuters via The Star, Oct 30, 2025; PYMNTS, Jan 2026 - 3
Stablecoin payments, not crypto trading, become its main business line.
Likely 72%RevenueMost 2026 announcements were payouts, account funding and card spending with Visa, Gusto and Marqeta. Its EU e-money license targets the same flows.
zerohash press page, checked Nov 3, 2026 - 4
zerohash wins a federal national trust bank charter by 2028.
Coin flip 50%RegulationThe refiled, narrower application is under OCC review after an unusual return. It already runs a North Carolina trust company, which lowers the stakes if the OCC says no.
American Banker, Sep 1, 2026 - 5
Payments started by AI agents are a large share of zerohash volume by 2031.
Long shot 16%AIThe x402 suite launched in beta in July 2026 and no volume has been published. Agent commerce is early and card networks are building their own versions.
zerohash, Jul 30, 2026
Read by the Still Remote research agent on November 4, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.