Blockchain infrastructure firm Zerohash is in talks to raise $250 million at a $1.5 billion valuation, according to a person with knowledge of the matter.
The company recently pulled out of acquisition talks with Mastercard, CoinDesk reported, though the payments giant is still considering a strategic investment in Zerohash and discussions are continuing.
The increase comes amid growing demand for enterprise-grade crypto infrastructure as more financial institutions move to offer tokenized assets, stablecoins and onchain settlement at scale.
Zerohash did not respond to requests for comment at the time of publication. The amount may change as discussions are still ongoing.
Fortune reported in October that Mastercard was in late talks to acquire Zerohash in a deal that could value the potential takeover candidate at up to $2 billion.
Zerohash raised $104 million in an October Series D-2 round led by Interactive Brokers, valuing the firm at $1 billion.
The round brought new investors including Morgan Stanley, Apollo managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC and Liberty City Ventures, along with existing backers PEAK6, tastytrade and Nyca Partners, the company said at the time.
Founded in 2017, Zerohash offers APIs and integrated developer tools that enable financial institutions and fintechs to deliver crypto, stablecoin and tokenization products.
Its platform supports clients including Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton and DraftKings, serving more than 5 million users in 190 countries.
Read more: Mastercard is said to be weighing Zerohash investments after completing takeover talks worth billions
