Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal. The publicly traded online brokerage Interactive Brokers is leading the funding round, said the two sources, who spoke to Fortune on the condition of anonymity to discuss private business dealings.
Spokespeople for Zerohash and Interactive Brokers declined to comment.
The fundraise follows Zerohash’s Series D from 2022, when the company raised $105 million from investors including Bain Capital, Nyca, and Point72 Ventures. The Series D valued the company at $340 million, according to data from PitchBook.
As opposed to issuers like Agora, which has its own stablecoin and creates white-label tokens for its partners, Zerohash acts as the connective tissue for the stablecoin ecosystem. Its tools for developers let customers more easily go between cash and stablecoins, serving as an intermediary amid skyrocketing demand for the sector.
