Crypto infrastructure firm Zerohash has secured a $100 million funding boost, led by online brokerage Interactive Brokers. This significant investment will enable the company to develop its infrastructure further and expand its services in the stablecoin market.
Founded in 2017, Zerohash provides backend infrastructure for banks, brokerages, and fintech companies to offer cryptocurrencies and digital assets to their customers.
Zerohash’s $100M Funding
The $100 million funding round was led by Interactive Brokers, with Zerohash’s valuation expected to reach nearly $1 billion. This is the company’s second major funding round, following its $105 million Series D in 2022. The funds will be used to enhance Zerohash’s infrastructure and support its growing client base.
Zerohash has partnered with major companies like Stripe and Securitize, providing them with the necessary infrastructure to offer stablecoin services. The company plans to use the funds to further develop its platform and expand its services in the stablecoin market.
The Stablecoin Appeal
The company’s focus on stablecoins has positioned it as a key player in the rapidly growing market. However, the lure of stablecoin has appealed not only to Zerohash but to some other major companies that have embraced it, recognizing their potential for fast and secure transactions.
Earlier this week, the stablecoin startup Agora raised a $50 million Series A funding round, which will enable it to further develop its stablecoin solutions and expand its services in the digital asset space.
Also, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) met today to discuss the impact of stablecoins and digital currencies on China’s financial system. This indicates a shift in China’s approach to cryptocurrencies, as it seeks to explore the benefits of blockchain while maintaining regulatory control.
Meanwhile, as reported by CoinGecko today, the stablecoin market has seen a marginal decline in the last 24 hours, with a total market capitalization of $243.70 billion, representing 6.60% of the total cryptocurrency market cap.
Tether (USDT) and USDC (USD Coin) dominate the market, with $159.13 billion and $62.83 billion market capitalizations. However, as the stablecoin market continues to change, companies like Zerohash are positioning themselves to capitalize on the trend.
