Zero Hash, which lets fintech companies, payment processors, and retail brokers integrate crypto and NFT services into their products, raises a $105M Series D
Brandy Betz / CoinDesk :
Context & Ripple Effects
Zero Hash sits in the picks-and-shovels layer of the crypto boom: rather than serving consumers directly, it lets fintech companies, payment processors, and retail brokers bolt trading, custody, and NFT services onto their existing products through an API. This $105M Series D lands at the peak of that embed-everywhere thesis.
The round also sets the valuation baseline the company will be measured against for years — later reporting on its next raise pegs the 2022 Series D at $340M, before Zerohash's ~$100M raise talks at a ~$1B valuation in mid-2025 and the eventual $104M Series D-2 at a $1B valuation.
First-order effects
- Zero Hash gets fresh capital to scale the exact integration work its customers pay for — wiring crypto and NFT endpoints into fintech apps, payment flows, and brokerage platforms without each one building on-chain infrastructure itself.
Second-order effects
- The white-label playbook is spreading across adjacent rails: Brazil-based Hash raised a Series C for white-label payment infrastructure letting non-financial B2B firms offer banking services, while Turnkey's wallet-infrastructure round shows investors funding every layer beneath the branded app.
Third-order effects
- If embedding continues to win over standalone consumer crypto apps, the industry's durable structure looks like a small set of licensed infrastructure providers underneath thousands of brands — which also concentrates regulatory and counterparty risk in those few pipes, feeding the broader [[concepts:crypto-legitimacy-gap|legitimacy question]] around who actually touches customer assets.
The trend: Crypto is consolidating into B2B infrastructure — embedded via API into mainstream fintech products — with provider valuations cycling from the 2022 peak through the trough back to unicorn territory by 2025.