CHICAGO / LONDON (IT BOLTWISE) – Mastercard is close to acquiring crypto startup Zerohash for up to $2 billion. This acquisition could represent a significant step in Mastercard’s strategy to become more involved in the stablecoin space.
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Mastercard, a payments giant, is planning a significant investment in the crypto market. The company is in advanced negotiations to acquire crypto and stablecoin infrastructure startup Zerohash. The purchase price is said to be between $1.5 and $2 billion, according to confidential sources. If the deal goes through, it would be one of Mastercard’s largest investments in stablecoins, i.e. cryptocurrencies pegged to real-world assets such as the US dollar.
Zerohash, based in Chicago, was founded in 2017 and provides infrastructure for stablecoins and blockchain technologies. These include solutions for payments and cryptocurrency trading. The planned acquisition follows previous discussions Mastercard had with stablecoin startup BVNK. In a bidding war for BVNK, Coinbase appears to have gained the upper hand as it is in exclusive negotiations with the company.
Stablecoins have become one of the hottest segments of the crypto industry in recent years. After the payments company Stripe acquired the stablecoin startup Bridge for $1.1 billion, numerous other rounds of investment and takeover discussions followed. Stripe and Coinbase are betting on stablecoins as the future of payments as they promise faster transactions and lower costs compared to traditional systems like SWIFT.
Although stablecoins could theoretically challenge Mastercard’s transaction fee-based business model, the company has long been active in the crypto space. Already in 2021, Mastercard acquired the blockchain analysis company CipherTrace. Recently, Mastercard has increased its efforts in stablecoins, including by participating in a consortium focused on the technology.
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