Zerohash is a business-to-business crypto-as-a-service infrastructure company that enables financial institutions, brokerages, and fintech platforms to build and offer digital asset products. The Chicago-headquartered company provides the underlying technology for services including cryptocurrency trading and custody, stablecoin issuance, and asset tokenization.

Overview

Zerohash operates on an infrastructure-as-a-service model, providing white-label solutions that allow other companies to integrate digital asset services without developing the core technology themselves. The company was founded in 2017 by Edward Woodford, initially operating under the name Seed CX. It has also been known as Zero # and Zero Hash. The firm's strategy focuses on partnering with and receiving investment from large, established financial institutions, which then become clients of its services. This approach is intended to bridge traditional finance with digital asset technology. ^[5]

The company gained significant public attention in September 2025 after announcing a $104 million funding round that valued it at $1 billion, concurrently with the news of a major partnership with Morgan Stanley. The firm's services are divided into three main verticals: a white-labeled crypto brokerage platform, tokenization APIs for converting traditional assets into blockchain-based tokens, and infrastructure for stablecoin networks. As of September 2025, Zerohash employed approximately 200 people and supported over 5 million users across 190 countries. ^{[1] [3] [4]}

Zerohash maintains a strong focus on regulatory compliance. In the United States, Zero Hash LLC is registered with FinCEN as a Money Service Business (MSB) and is a regulated Money Transmitter with licenses to operate in 51 U.S. jurisdictions. Additionally, the company and its affiliate, Zero Hash Liquidity Services LLC, hold a BitLicense to engage in virtual currency business activity from the New York State Department of Financial Services (NYDFS). In Canada, it is registered as an MSB with FINTRAC. ^[5]

History

Zerohash was founded in 2017 by Edward Woodford, initially as Seed CX, with a focus on building cryptocurrency infrastructure for institutional clients. The company reportedly increased its topline revenue each year during the market downturn between 2022 and 2024, a period often referred to as the "Crypto Winter." In 2022, a prior funding round valued the company at approximately $340 million. ^[1]

On September 23, 2025, Zerohash announced it had raised $104 million in a Series D-2 funding round, bringing its total funding to $275 million and achieving a $1 billion valuation, reaching "unicorn" status. The announcement coincided with news that one of its new investors, Morgan Stanley, would be using Zerohash's infrastructure to launch cryptocurrency trading for its E*Trade clients. CEO Edward Woodford commented on the company's performance during the market downturn, stating, "It’s not just that we’re a survivor. We’ve actually thrived in that market, and actually now, I think we can accelerate that even further." He also noted that a clearer regulatory path was enabling large institutions to move into the digital asset space. ^{[1] [5] [3] [4]}

Funding

Zerohash has completed several funding rounds, with its Series D-2 round in 2025 marking a significant milestone in its valuation and strategic partnerships.

2022 Valuation

In a 2022 funding round, Zerohash was valued at approximately $340 million. This figure was based on PitchBook data that CEO Edward Woodford confirmed was "about accurate." ^[1]

Series D-2 Round (September 2025)

On September 23, 2025, the company announced it had raised $104 million in a Series D-2 round, which brought its post-money valuation to $1 billion and its total funding to $275 million. The round was led by the publicly traded brokerage Interactive Brokers. Other notable new investors in the round included: ^{[3] [4]}

• Morgan Stanley
• SoFi
• Funds managed by Apollo Global Management
• Jump Crypto (the crypto arm of Jump Trading)
• Northwestern Mutual Future Ventures
• FTMO
• IMC
• Liberty City Ventures

Existing investors, including PEAK6, tastytrade, and Nyca Partners, also participated in the round. Woodford stated that the purpose of the funding was to accelerate adoption across the company's three main service verticals with its new customer-investors. He emphasized the strategic nature of the investors, noting, "We wanted to raise from the largest, most trusted brands in the world and have that be the bridge into this new technology." ^{[2] [5] [3]}

Technology and Services

Zerohash provides its infrastructure through three primary business verticals, allowing clients to integrate a range of digital asset services across use cases like trading, cross-border payments, commerce, remittance, and payroll. ^[3] The company's target customers include brokerages, banks, payment service providers (PSPs), tokenization platforms, and payroll companies. ^[5]

White-Labeled Crypto Brokerage

The company offers a platform that financial firms can integrate into their existing systems to allow their customers to buy, sell, and hold digital assets. This service includes both the trading and custody infrastructure required to manage cryptocurrencies securely. The trading infrastructure supports multiple liquidity models, including a Central Limit Order Book (CLOB) for transparent price discovery and a Request for Quote (RFQ) system for executing large trades with minimal price slippage. ^[6] This solution is used by clients like Interactive Brokers to power their crypto offerings. ^{[1] [5]}

Tokenization APIs

Zerohash provides Application Programming Interfaces (APIs) that enable the conversion of traditional financial assets into blockchain-based tokens. This process, known as tokenization, can be applied to various real-world assets. The company's Tokenization Engine supports the creation and management of both fungible tokens, such as asset-backed stablecoins, and non-fungible tokens (NFTs). ^[6] An example of this service in practice is Zerohash's work with the asset manager BlackRock to tokenize money market funds, allowing for greater efficiency and accessibility in managing such assets. ^[1]

Stablecoin Networks

The company builds and manages infrastructure to facilitate the sending and receiving of stablecoins for its clients, supporting popular stablecoins such as USDC and PYUSD. This service enables businesses to leverage stablecoins for payments, settlements, and other financial operations. The payment technology company Stripe is a known customer of Zerohash's stablecoin network services. Additionally, Zerohash and Interactive Brokers have announced plans to launch a stablecoin product together. ^{[1] [5]}

Comprehensive Product Suite and Settlement

Beyond its core verticals, Zerohash offers a comprehensive suite of API-driven products designed to cover the full lifecycle of digital asset transactions. These products include: ^[5]

• Transact: A set of tools for payments and value movement, including Payins (accepting crypto deposits), Payouts (distributing funds in crypto), On & Off Ramps (converting between fiat and crypto), and Remittance (sending cross-border payments).
• Trade: Enables clients to offer crypto buying and selling capabilities, as well as staking services for users to earn rewards on their digital assets.
• Tokenize: Infrastructure for creating and managing tokenized assets and utilizing tokenization payment rails.

A key component of Zerohash's technology is its closed-loop settlement system. The platform operates its own internal ledger, allowing for instantaneous and free-of-charge settlement of transactions between participants within the Zerohash ecosystem. This abstracts away the complexities and costs of on-chain settlement for internal transfers, providing speed and efficiency for clients and their end-users. External deposits and withdrawals are reconciled on their respective blockchains, while internal transfers are handled off-chain on the company's ledger. ^[6]

Partnerships and Clients

A core component of Zerohash's business model is forming strategic partnerships with its investors, who then become clients of its infrastructure services.

Morgan Stanley / E*Trade

In September 2025, it was reported that Morgan Stanley had selected Zerohash as its infrastructure partner to introduce cryptocurrency trading to its E*Trade clients. The launch is planned for the first half of 2026. The initial offering will allow clients to trade a selection of major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL).

Jed Finn, Morgan Stanley’s Head of Wealth Management, described the initial trading capability as "phase one" of a broader digital asset strategy. He stated that after the launch, the firm will "next seek to build a full wallet solution for clients," indicating a potential expansion of the partnership with Zerohash to include more comprehensive custody and wallet services. ^[6]

Interactive Brokers

Interactive Brokers, a publicly traded brokerage firm, led Zerohash's $104 million Series D-2 funding round. The firm is also a client, utilizing Zerohash's white-labeled infrastructure for its existing crypto trading and custody services. The two companies also plan to collaborate on the launch of a stablecoin product. ^{[5] [3]}

Other Clients and Investors

Zerohash's client roster includes other major financial and technology companies. In addition to BlackRock and Stripe, clients include Shift4, Franklin Templeton, DraftKings, Kalshi, Lightspark, and Republic. Other investors from the Series D-2 round, such as SoFi and Apollo, are also expected to become clients. CEO Edward Woodford hinted at future announcements, stating, "These groups aren't VCs. You can assume that there's obviously a couple of announcements coming down the road with these other investors." ^{[1] [5] [3]}