The move would be one of the largest Mastercard has made into the cryptocurrency space
Mastercard is reportedly in advanced negotiations to acquire crypto infrastructure startup ZeroHash in a deal valued between $1.5 billion and $2 billion, according to multiple sources familiar with the talks. The potential acquisition would mark one of the payment giant’s biggest moves yet in digital assets and stablecoin technology, an area it has steadily expanded into over the past two years.
Sources told Fortune that Mastercard’s interest in ZeroHash follows a failed attempt to acquire London-based stablecoin startup BVNK earlier this year. Coinbase is now said to be in exclusive discussions with BVNK after reportedly outbidding Mastercard for the company. The talks with ZeroHash indicate that Mastercard is still determined to strengthen its infrastructure in the growing market for tokenized payments and blockchain-based settlements.
ZeroHash operates as an API-driven platform that allows banks, fintechs, and brokerages to integrate crypto and stablecoin services directly into their existing systems. The company claims to have processed more than $2 billion in tokenized fund flows over a four-month period earlier this year and provides the backend technology for several major tokenized asset products, including BlackRock’s BUIDL fund, Franklin Templeton’s BENJI Token, and Hamilton Lane’s HLPIF.
The potential acquisition comes at a time when payment networks are racing to adapt to the regulatory and technological shifts around stablecoins. Recent legislative clarity in the US and Europe has encouraged traditional finance players to explore new digital payment models. Visa recently announced plans to expand stablecoin support to four new blockchains, while PayPal and Stripe have both launched or acquired infrastructure to power stablecoin-based payments.
For Mastercard, acquiring ZeroHash could position the company as a leading intermediary between traditional banking and blockchain ecosystems, giving it the technology and compliance framework needed to support large-scale crypto transactions within its global network.
