Interactive Brokers Leads $104 Million Round for Crypto Startup Zero Hash

Interactive Brokers has led a $104 million Series D funding round in crypto infrastructure firm Zero Hash, valuing the startup at $1 billion. Other participants in the round reportedly included Morgan Stanley, SoFi, and funds managed by Apollo.

Zero Hash provides backend services enabling banks and fintech companies to offer products in crypto trading, stablecoins, and tokenization. Founded in 2017, the company has been building infrastructure to connect traditional financial institutions with digital asset markets.

Interactive Brokers already relies on Zero Hash for crypto trading and custody, and the two plan to collaborate on a stablecoin product. In July, reports suggested the broker was considering issuing its own stablecoin to allow clients 24/7 funding, though it was also assessing support for third-party coins.

The funding comes at a moment of regulatory change in the United States. Under the Trump administration, policies toward crypto have become more permissive compared to previous years. This has encouraged larger banks to revisit digital asset offerings. SoFi, for instance, has said it intends to reintroduce crypto trading, while Morgan Stanley is preparing to roll out services through its E*Trade platform using Zero Hash infrastructure.

The planned launch, expected in early 2026, will begin with Bitcoin, Ethereum, and Solana. Observers see this as another step in Wall Street's gradual expansion into retail crypto services, enabled by firms like Zero Hash providing compliant infrastructure.

While proponents argue stablecoins and tokenization will modernize payments and settlement, critics continue to raise concerns about potential misuse for avoiding anti-money laundering checks. For Interactive Brokers, the investment signals a deeper commitment to digital assets as part of its broader brokerage services.