Crypto startup Zerohash raises $104 million from Morgan Stanley, SoFi, Apollo and others

Crypto infrastructure startup Zerohash has raised $104 cardinal successful backing with backing from fiscal firms including Morgan Stanley and SoFi, CNBC has learned.

The Series D circular was led by Interactive Brokers, the planetary automated trading firm, and includes strategical investors who are besides clients of Zerohash, laminitis and CEO Edward Woodford told CNBC successful an interview. The institution is valued astatine $1 billion, helium said.

"We wanted to rise from the largest, astir trusted brands successful the satellite and person that beryllium the span into this caller technology," helium said.

Funds managed by Apollo besides participated successful the round, according to Zerohash.

The startup is among a question of firms, some publically traded and privately held, taking vantage of the much favorable regulatory situation for cryptocurrencies nether President Donald Trump.

After Trump took bureau this year, the authorities flipped from being highly skeptical of crypto nether erstwhile Securities and Exchange Commission Chairman Gary Gensler to embracing it arsenic a nascent technology.

Suddenly, the CEOs of fiscal firms including Morgan Stanley and Bank of America were expressing confidence that they would get involved. SoFi CEO Anthony Noto told CNBC successful April that helium was acceptable to bring crypto trading back aft the regulatory shift.

Founded successful 2017, Zerohash provides banks and fintech firms with the quality to connection blockchain-based products successful 3 large areas: crypto trading, stablecoins and tokenization, according to Woodford.

"Part of this rise is evidently accelerating [adoption] crossed each 3 of those verticals with a scope of customers who are besides investors," helium said.

Interactive Brokers already uses Zerohash for crypto trading and custody and volition motorboat a stablecoin merchandise with the firm, Woodford said.

While Woodford said helium couldn't remark connected whether Morgan Stanley and SoFi were besides clients, helium suggested announcements volition beryllium coming. Spokespeople for Morgan Stanley and SoFi declined to comment.

"These groups aren't VCs," Woodford said. "You tin presume that there's evidently a mates of announcements coming down the roadworthy with these different investors."