Mastercard is evaluating a potential strategic investment in Zerohash after earlier discussions to acquire the crypto-focused company did not result in a deal, according to people familiar with the matter. The shift in approach follows Zerohash’s decision to remain independent after takeover talks that were previously reported to value the company at up to $2 billion. Rather than pursuing full ownership, Mastercard is now assessing a minority investment that would allow it to deepen its exposure to digital asset infrastructure without absorbing the company outright. The discussions remain preliminary, and no final decision has been made, but the move reflects Mastercard’s continued interest in expanding its role across blockchain-based payments, settlement and custody services as institutional demand for crypto infrastructure continues to evolve.
Zerohash provides backend services that enable companies to offer crypto trading, custody, and settlement without directly managing blockchain operations themselves. Its platform has been used by exchanges, fintech firms, and traditional financial institutions seeking regulated access to digital assets. Mastercard has steadily increased its involvement in this segment over recent years, launching crypto-linked cards, settlement pilots, and tokenization initiatives while positioning itself as an infrastructure partner rather than a consumer-facing crypto provider. A strategic investment in Zerohash would align with this approach, offering Mastercard closer integration with crypto-native rails while limiting balance sheet risk. For Zerohash, external capital from a global payments network could support product expansion and regulatory engagement while preserving operational independence and flexibility in a rapidly changing market.
The potential investment also highlights a broader recalibration among large financial institutions as they reassess acquisition strategies in the digital asset sector. Full takeovers of crypto companies have become more complex amid regulatory uncertainty and valuation volatility, making minority stakes and partnerships a more attractive option. By considering an investment instead of an acquisition, Mastercard would retain strategic optionality while gaining insight into crypto market infrastructure at scale. Market participants view this model as increasingly common, allowing incumbents to participate in innovation cycles without committing to large, irreversible transactions. While it remains unclear whether talks will result in a finalized deal, the discussions underscore continued institutional interest in blockchain infrastructure even as the sector matures beyond early-stage consolidation.
