Mastercard in Talks to Acquire Crypto Firm Zerohash for Up to $2 Billion
The potential acquisition would be one of the payment giant's largest bets on digital assets, aiming to integrate crypto and stablecoin infrastructure directly into its network.
Mastercard Inc. is in late-stage negotiations to acquire cryptocurrency infrastructure startup Zerohash in a deal valued at between $1.5 billion and $2 billion, according to people familiar with the matter. The move signals a significant acceleration of the payments giant’s strategy to embed digital asset capabilities within its global financial network.
If completed, the acquisition would be one of Mastercard's most substantial investments in the crypto sector, providing it with the sophisticated technological and regulatory plumbing required to offer a full suite of crypto services to its banking and merchant partners. While discussions are advanced, the sources cautioned that the deal has not been finalized and could still be subject to change. Both Mastercard and Chicago-based Zerohash have declined to comment on the speculation.
The potential acquisition comes as traditional payment processors race to adapt to the growing convergence of traditional finance and digital assets. With competitors like Visa actively building out their own stablecoin and crypto strategies, owning a firm like Zerohash would allow Mastercard to leapfrog development and gain direct control over a critical part of the Web3 financial stack. Zerohash specializes in a "crypto-as-a-service" model, providing an API-first platform that enables clients to seamlessly embed crypto trading, custody, and settlement services.
Zerohash has established itself as a key behind-the-scenes player for major financial institutions venturing into digital assets. The company holds licenses as a Money Transmitter in all 51 U.S. jurisdictions, a critical regulatory moat that simplifies compliance for its partners. Its client roster includes high-profile names such as Morgan Stanley, which is using Zerohash to enable cryptocurrency trading on its E-Trade platform. Zerohash also powers digital asset services for the fintech firm OnePay, which is majority-owned by Walmart, according to industry reports.
For Mastercard, a company with a market capitalization of approximately $511 billion, the acquisition would be a strategic purchase rather than a purely financial one. The company has been steadily building its digital asset strategy through a series of partnerships, including collaborations with crypto exchanges and wallet providers to launch crypto-linked payment cards. Buying Zerohash would represent a pivotal shift from partnering to owning the core infrastructure, giving Mastercard greater control over product development, security, and regulatory engagement.
Analysts see the move as a direct response to growing institutional and consumer interest in stablecoins—digital tokens pegged to stable assets like the U.S. dollar—as a new rail for payments and value transfer. The passage of stablecoin legislation in key markets has provided regulatory clarity and emboldened established financial players to enter the space more aggressively. Recent analyst commentary on Mastercard has been positive, with many viewing the company's push into digital payments as a key driver for future growth, complementing its robust core business.
The potential price tag of up to $2 billion represents a significant premium over Zerohash's recent valuation. The startup completed a $104 million Series D funding round in September, led by Interactive Brokers and with participation from Morgan Stanley and SoFi, which valued the company at $1 billion. This suggests a competitive process and highlights the strategic value that Mastercard places on Zerohash’s technology and market position.
As of Tuesday's close, Mastercard (MA) shares were trading around $554.58. The company is set to report its third-quarter earnings soon, and investors will be looking for any commentary from management on its broader digital asset strategy and capital allocation priorities. While the Zerohash deal remains unconfirmed, the reported talks alone underscore a clear ambition from one of the world's largest payment networks to not just participate in the future of finance, but to build and own a significant piece of it.