Mastercard is reportedly exploring a strategic investment in blockchain infrastructure provider Zerohash after discussions to acquire the company for up to $2 billion failed to materialize. Sources familiar with the matter say talks took place late last year, but Zerohash ultimately declined a full takeover, opting instead to remain independent.

Zerohash provides critical crypto infrastructure services, including custody, settlement, and fiat on- and off-ramps. These tools allow fintech firms and brokerages to offer digital asset services without building complex backend systems themselves. While an acquisition is no longer being considered, discussions around a minority investment are said to be ongoing.

A Zerohash spokesperson confirmed the company’s position, stating it was “not entertaining an acquisition” but remains open to expanding commercial partnerships. According to the firm, staying independent best supports its mission to innovate for customers while scaling globally. Mastercard has declined to comment on the reported talks.

The potential deal comes amid increased merger and investment activity across the crypto sector, where investors are increasingly favoring established infrastructure providers over speculative digital tokens. Firms offering custody, settlement, staking, and liquidity access have become especially attractive as institutional adoption of digital assets accelerates.

Zerohash already counts major financial institutions among its partners, including Morgan Stanley, which uses the platform for crypto liquidity, custody, and settlement. The investment relationship has helped Zerohash secure a strategic foothold in the backend of digital asset markets and reach a reported valuation of $1 billion.

Mastercard’s interest reflects its broader push into blockchain and digital payments. The payments giant has previously explored crypto-focused acquisitions and last year announced a major partnership with Kraken to enable cryptocurrency payments across the UK and Europe. That collaboration allows users to spend Bitcoin and other digital assets at more than 150 million Mastercard-accepting merchants via physical and virtual debit cards.

For Zerohash, a strategic investment from a global payments leader could provide both capital and credibility while preserving operational independence. For Mastercard, it would offer exposure to critical crypto infrastructure without the regulatory and operational complexity of a full acquisition — a calculated move as traditional finance continues its cautious expansion into digital assets.