The archive · Money & Fintech · Strategic decision · 2017–2026
Zerohash bets dual MiCA+EMI licences make it Europe's regulated stablecoin rails
Zerohash bet EU stablecoin rules would push banks onto licensed rails; in 2026 it became the first firm with both MiCA and EMI licences.
Zerohash (Zero Hash)
What the business is
Embedded crypto and stablecoin infrastructure: APIs that let brokers, banks and payment platforms offer crypto trading, tokenized assets and stablecoin settlement under their own brands.
Starting capital：Series C $35M (late 2021, Point72/NYCA/DriveWealth); Series D $105M (Jan 2022); Series D-2 $104M at a $1B valuation (Sept 2025, led by Interactive Brokers); backers also include Apollo and Bain Capital.
How it started
Edward Woodford founded Zerohash in 2017 in Chicago. By January 2022, after a $35M Series C and a $105M Series D, it powered neobanks MoneyLion and Wirex, payment processors Moonpay, Ramp and Transak, and retail brokers Tastyworks, TradeZero and TradeStation.
What happened
In 2025 the regulatory window opened: the European Banking Authority's June 2025 No Action Letter said firms supporting stablecoin flows should be licensed as e-money institutions. Zerohash Europe took a MiCA/CASP licence from the AFM in October 2025 and, on 2026-05-18, announced an EMI licence from De Nederlandsche Bank, the first firm to hold both. Interactive Brokers led a $104M Series D-2 in September 2025 at a $1B valuation, and Fortune reported in October 2025 that Mastercard was in advanced talks to buy the company for $1.5-2 billion.
No ending yet — it is still running.
Background
Zerohash is a Chicago-based crypto and stablecoin infrastructure company founded in 2017 by Edward Woodford. Its bet: European regulators would treat stablecoins as e-money, so banks, brokers and payment platforms would need licensed infrastructure to touch them — and the first firm holding both MiCA and electronic-money licences would become the default rail.
It started as crypto-as-a-service: by January 2022 it had raised $105M in a Series D (after a $35M Series C backed by Point72 and NYCA) and powered neobanks MoneyLion and Wirex, payment processors Moonpay, Ramp and Transak, and brokers Tastyworks and TradeStation. In September 2025 Interactive Brokers led a $104M Series D-2 at a $1B valuation, and in October 2025 Fortune reported Mastercard was in advanced talks to acquire Zerohash for $1.5-2 billion.
The European licences arrived as regulators tightened the rules: the EBA's June 2025 No Action Letter treated stablecoin-powered flows as e-money activity, Zerohash Europe won an AFM MiCA licence in October 2025, and on 2026-05-18 it announced a DNB EMI licence, becoming the first MiCAR-licensed firm with full EMI status. With both licences it can serve banks, brokerages, fintechs and payment providers across the EEA, and it was already powering Interactive Brokers Europe.
What has to be true
- The EBA's 2025 interpretation made a second licence (EMI) effectively mandatory for stablecoin flows, turning Zerohash's dual MiCA+EMI stack into a moat rather than paperwork.
- One CASP licence covers 30 EEA countries, so a licence-led strategy multiplied a single approval into a continental market.
- Clients like Interactive Brokers Europe embed the rail under their own brands, making Zerohash infrastructure rather than a competing consumer app.
- Sequence mattered: the European licences landed just as incumbents began hunting stablecoin rails, so a $1.5-2B acquisition price was reported only months after its $1B round.
What can be applied
When a regulator redraws who needs a licence, the firm that stacks every required licence before demand arrives sells compliance as infrastructure — and incumbents pay a premium for the rail.
Aftermath
As of May 2026 Zerohash was private and scaling with about 200 employees across New York, Chicago, North Carolina and Amsterdam. Its September 2025 Series D-2 closed at a $1B valuation; after Mastercard's reported acquisition approach fell through, a $250M raise at a $1.5B valuation was reportedly in talks. It holds an AFM MiCA licence (October 2025) and a DNB EMI licence (May 2026), the first MiCAR-licensed firm with full EMI status, and has applied for a US OCC trust bank charter.
Sources
- Zero Hash raises $105 million in series D round
- Mastercard eyes $2bn deal to buy Zerohash as stablecoin race heats up
- Zerohash lands MiCA license amid $2B Mastercard acquisition rumors
- Zerohash secures first EMI license under MiCA for stablecoin and brokerage services in Europe
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