Zero Hash
Zero Hash runs the licensed crypto custody and settlement plumbing behind brokerages and fintech apps.
On the record
Checkpoint: OCC national trust bank charter decision, filed Feb 2026 with ICBA objection
The call
Zero Hash has the licenses and the logos, but Mastercard just bought its way into the same lane, and the next OCC decision will say who actually holds the ground.
Zero Hash is a company that lets stock brokers and payment companies offer crypto to their customers while following all the rules. It's hard to copy because running a crypto business legally requires licenses in every state, special government approval, and expertise that takes years to build. But Mastercard just bought a direct competitor called BVNK for 1.8 billion dollars in May 2026, even after trying to buy Zero Hash itself. The real question is whether Mastercard will use BVNK to take customers away from Zero Hash, especially big clients like E-Trade and Interactive Brokers.
Why
01
AI pressure: None apparent. Custody and 51-state money transmitter licenses need legal liability and regulator relationships, not a model, so AI does not replace this layer. Could AI do the core job? Unlikely.
02
Bigger players: Mastercard (via its $1.8B acquisition of BVNK, May 2026). Mastercard tried to buy Zero Hash for up to $2B, got refused, then bought rival BVNK instead and is now selling against its old target. Could a giant copy it? Probably.
03
What protects it. A stacked license set (51-state MTLs, MiCA, pending OCC charter) plus locked-in brokerage integrations like Morgan Stanley/E*Trade and Interactive Brokers.
What would change this call
OCC grants or denies Zero Hash's national trust bank charter. Denial narrows its regulatory moat versus already-chartered Anchorage Digital.
Morgan Stanley, E*Trade, or Interactive Brokers announces added or switched integration with BVNK. Would show Mastercard's BVNK peeling off Zero Hash's anchor brokerage clients.
Zero Hash closes its reported $250M raise at over $1.5B valuation. Confirms independent scaling capacity against Mastercard-backed BVNK.
Morgan Stanley, E*Trade, or Interactive Brokers announces added or switched integration with BVNK. Would show Mastercard's BVNK peeling off Zero Hash's anchor brokerage clients.
Zero Hash closes its reported $250M raise at over $1.5B valuation. Confirms independent scaling capacity against Mastercard-backed BVNK.
Key numbers
- $104M raised at $1B valuation
- Mastercard/BVNK deal: $1.8B
- 5M+ end users across 190 countries
Named risks
- OCC National Trust Bank Charter application faces formal industry opposition from ICBA, filed April 2026.
- Revenue is transaction-volume linked; Bitcoin fell about 50% from October 2025 to April 2026.
- Mastercard/BVNK entering with $1.8B in capital to contest the same brokerage and fintech client base.
- Heavy reliance on a small set of blue-chip clients like Morgan Stanley and Interactive Brokers for distribution.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Mastercard/BVNK | contesting | Mastercard bought BVNK for $1.8B in May 2026 after failing to acquire Zero Hash in Jan 2026 |
| Fireblocks | gaining on | Fireblocks had ~1,017 employees as of Dec 2025 versus Zero Hash's ~200-231 |
| Anchorage Digital | gaining on | Already holds an OCC trust charter that Zero Hash was still pursuing as of July 2026 |
Questions people ask
- Is Zero Hash profitable in 2026?
- Zero Hash has not disclosed profit figures. CEO Edward Woodford said in September 2025 that revenue grew every year for three straight years through the 2022-24 crypto winter, and in February 2026 he said the company had just posted record revenue, but no dollar figures were released.
- Who owns Zero Hash?
- Zero Hash is privately held and venture-backed. Its September 2025 Series D-2 raised $104M led by Interactive Brokers with Morgan Stanley, Apollo, SoFi and others, valuing it at $1B. It rejected a Mastercard acquisition worth up to $2B in January 2026 to stay independent.
- Did Mastercard try to buy Zero Hash?
- Yes. Mastercard entered late-stage talks in October 2025 to acquire Zero Hash for up to $2B, but Zero Hash walked away in January 2026. Mastercard then bought rival BVNK for $1.8B in May 2026 instead, per Coindesk reporting.
- Could AI replace Zero Hash?
- Unlikely soon. Zero Hash's core value is a licensed regulatory and custody stack, 51-state money transmitter licenses, a MiCA license, and a pending OCC trust charter filed February 2026, which carries legal liability AI systems cannot assume on a company's behalf.
- Who is Zero Hash's biggest competitor?
- Mastercard, via its $1.8B acquisition of BVNK in May 2026, is the most capitalized new rival. Fireblocks is also larger, with roughly 1,017 employees as of December 2025 versus Zero Hash's roughly 200-231.
- Is Zero Hash a safe company to join in 2026?
- Zero Hash had about 200 employees as of September 2025 and landed marquee clients like Morgan Stanley/E*Trade and Interactive Brokers, but it faces a well-funded new competitor in Mastercard/BVNK (acquired May 2026 for $1.8B) and a pending, contested OCC charter decision.
Timeline
- 2026-07-14Integrated World Liberty Financial's USD1 stablecoin and WLFI token into its infrastructure
- 2026-06-29Morgan Stanley received OCC conditional approval for a linked trust charter
- 2026-05-19Mastercard acquired rival BVNK for $1.8B; Zero Hash pursued new $250M raise at over $1.5B valuation
- 2026-04-02ICBA filed formal objection urging OCC to reject Zero Hash's trust charter application
- 2026-02-27Zero Hash filed application for OCC National Trust Bank Charter, proposed HQ Asheville, NC
- 2026-01-16Zero Hash walked away from Mastercard acquisition talks; Mastercard explored investment instead
- 2025-10-09Zero Hash integrated with Canton Network for tokenization and validator services
- 2025-10Zero Hash secured MiCA license in Netherlands; Morgan Stanley picked it for E*Trade crypto; OnePay integration launched
- 2025-09-23Closed Series D-2, $104M led by Interactive Brokers, valuing company at $1B
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Zerohash (2026-07-21)
- zerohash - Headcount, Funding & Open Jobs (2026-06-20)
- Crypto and stablecoin startup Zerohash to raise $100 million (2025-07-11)
- Interactive Brokers Leads $104M Zerohash Round (2025-09-23)
- Mastercard said to weigh Zerohash investment (2026-01-20)
- Zerohash pursues new funding at more than $1.5 billion valuation (2026-05-19)
- Fast-growing crypto and stablecoin startup Zerohash raises $104 million (2025-09-23)
- Why Zero Hash Rejected a $2Bn Offer (2026-02-11)
- Morgan Stanley And SoFi Join $104M ZeroHash Funding Round (2025-09-28)
- Zerohash enables Canton Network Infrastructure (2025-10-09)
- ZeroHash applies for national trust bank charter (2026-03-05)
- ICBA urges OCC to reject ZeroHash charter (2026-04-02)