A recent flood of institutional demand for blockchain technology has helped to mint a new unicorn. Zerohash, a crypto and stablecoin infrastructure company headquartered in Chicago, announced Tuesday that it had raised $104 million at a $1 billion valuation. Interactive Brokers, a publicly traded brokerage, led the round.

In a crowded field of infrastructure companies, Zerohash has carved out a name for itself by helping financial institutions and fintechs build out their own products for stablecoins, crypto trading, and tokenization. Stablecoins are cryptocurrencies backed by underlying assets like the U.S. dollar, and tokenization refers to putting financial assets into blockchain wrappers.

Other participants in the startup’s fundraise included traditional finance giants like Morgan S

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