Mastercard is reportedly in advanced negotiations to acquire the cryptocurrency and stablecoin infrastructure platform, Zerohash, for a sum that may reach as high as $2 billion, according to a report from Fortune.
Drawing on insights from five sources, Fortune elaborates that the discussions involve a potential deal worth between $1.5 billion and $2 billion, although both parties have opted not to disclose comments regarding the negotiations.
Should an agreement be finalized, it would indicate Mastercard’s continued commitment to expanding its footprint in the cryptocurrency sector, particularly in the realm of stablecoins. Earlier this month, Fortune highlighted Mastercard’s competitive interest in another stablecoin platform, BVNK, in which it was in contention with Coinbase. However, it appears that Coinbase has since emerged as the frontrunner and currently holds exclusive rights to BVNK.
Recently, Zerohash completed a funding round of $104 million, which included participation from Morgan Stanley. As part of this investment, Morgan Stanley has engaged Zerohash to enhance its offerings related to liquidity, custody, and settlement for a new cryptocurrency trading service aimed at retail customers on the E*Trade platform.