Zero Hash hits unicorn status with $104M Series D-2 led by Interactive Brokers, Morgan Stanley joins

Summary

Zero Hash has closed a $104 million Series D-2, vaulting the company to unicorn status eight years after its 2017 founding. Interactive Brokers led the round, repeating its role as lead investor from the prior raise, which is why the financing carries a D-2 designation rather than a new series letter. The investor syndicate signals a meaningful shift in institutional appetite: Morgan Stanley, SoFi, IMC, and Northwestern Mutual all participated, several entering the crypto space through an equity investment for the first time.

Zero Hash founder Edward Woodford frames the round as validation of the stablecoin and crypto infrastructure layer rather than a bet on price appreciation. The company already powers Interactive Brokers' crypto trading product, and a forthcoming feature will allow IBKR clients to fund their brokerage accounts at any time using stablecoins through Zero Hash, eliminating the multi-day wire transfer lag that currently constrains capital deployment.

The Morgan Stanley relationship goes beyond the balance sheet. Morgan Stanley is set to launch crypto trading through Zero Hash in Q1 2026, a partnership that was disclosed publicly alongside the funding announcement. That product rollout positions Zero Hash as critical infrastructure inside one of the largest retail brokerage networks in the United States.

Woodford describes the regulatory environment as having reached a meaningful inflection point in both the US and Europe, though he notes additional legislation could accelerate adoption further. He argues major banks have been quietly building internal crypto teams and accumulating personal crypto exposure for years, and are now moving publicly at scale. His view is that bank entry into tokenization, crypto trading, and stablecoins will be the defining narrative in the sector over the next six to twelve months.