Mastercard is exploring a strategic investment in blockchain and crypto infrastructure firm Zerohash after its earlier attempt to acquire the company outright collapsed, according to people familiar with the situation.
Late in 2025, Mastercard entered advanced discussions to acquire Zerohash for up to $2 billion, a deal that would have marked one of the payments giant’s biggest moves into the crypto space. Negotiations stalled, however, after Zerohash opted to remain independent, with company leadership saying an acquisition wasn’t aligned with its long-term strategy.
Rather than walk away entirely, Mastercard is now considering taking a minority stake in Zerohash. This approach would give the global payments network exposure to Zerohash’s technology and client base, including custody, settlement, and fiat on- and off-ramp solutions, without absorbing the company or diluting its autonomy.
Zerohash, founded in 2017, provides critical infrastructure that allows banks, fintechs and brokerages to offer regulated digital asset services without building the underlying technology themselves. Its platform supports institutional-grade services such as custody, settlement, and integration with stablecoins and tokenised assets. It has grown rapidly and raised capital, including a US$104 million Series D-2 round led by Interactive Brokers, helping it reach a US$1 billion valuation.
Financial institutions and partners such as Morgan Stanley and Interactive Brokers already use Zerohash’s infrastructure, underscoring its role at the intersection of traditional finance and digital assets.
For Mastercard, a strategic investment, as opposed to a full acquisition, would align with its broader push into blockchain and crypto infrastructure. The company has already been expanding partnerships in the space, including moves to integrate digital asset transactions and support crypto payments through its global network.
Industry observers say the shift from acquisition to investment reflects both Zerohash’s desire to preserve its independence and Mastercard’s interest in strengthening ties with blockchain infrastructure without the complexities of a full takeover.
