Chicago’s zerohash raises $104 million as Wall Street firms move into crypto infrastructure

Chicago-based zerohash, a provider of crypto, stablecoin and tokenization infrastructure, announced this week that it had closed a $104 million Series D-2 financing led by brokerage giant Interactive Brokers. The round brings zerohash’s total known funding to about $275 million and includes new strategic investors such as Morgan Stanley, SoFi, Apollo-managed funds, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC and Liberty City Ventures, alongside follow-on commitments from existing backers including PEAK6, tastytrade and Nyca Partners.

According to the company announcement, the round marks some of the first disclosed direct investments into crypto and stablecoin infrastructure for several participants, signaling potential growth in institutional interest in on‑chain services for mainstream financial firms.

Founded in 2017, zerohash offers API and embeddable developer tools that allow banks, brokerages, payments firms and other enterprises to integrate cryptocurrency custody, trading, stablecoin rails and tokenization capabilities into their products. The company says it supports more than 5 million users across 190 countries and has already gained household name clients including Interactive Brokers, Stripe, Franklin Templeton, DraftKings and Tastytrade.

Executives framed the round as a bet on rising demand for “enterprise-grade” on‑chain infrastructure amid increasing consumer adoption and clearer regulation in markets such as the U.S. and EU. ““We are building the AWS of on-chain infrastructure,” CEO Edward Woodford said in the announcement, likening the company’s ambitions to building a cloud-like backbone for on‑chain services. CFO Adam Berg added that, in speaking to executives at large financial institutions, he finds that many are prioritizing on‑chain initiatives internally. s

The participation of established financial firms may underscore a shift in Wall Street’s approach to digital assets: rather than solely backing retail-facing crypto platforms, major institutions could invest in the plumbing that would let traditional financial services offer crypto products. For zerohash, the influx of capital is intended to accelerate product development and hiring as the company expands this enterprise footprint.

zerohash highlights a “regulatory‑first” posture and lists a broad global compliance footprint: its U.S. entities are registered with FinCEN as money services businesses and hold various state licenses, including authorizations from the New York State Department of Financial Services and a North Carolina trust charter. The company also warns accounts are not FDIC- or SIPC-protected and notes it is not registered with the SEC or FINRA.

Investment and investment-grade infrastructure in the crypto sector have picked up after a turbulent few years that included exchange failures and an extended bear market. Greater regulatory clarity, custody rules, and interest in tokenized assets and payments have made enterprise offerings more attractive to banks, asset managers and payment processors exploring crypto use cases while seeking partners that can navigate compliance demands.

zerohash plans to use proceeds to broaden its product set and grow its workforce from roughly 200 employees across offices in New York, Chicago, North Carolina and Amsterdam.