Bakkt Names Akshay Naheta Co-CEO, Partners with DTR to Expand Stablecoin Payments
Bakkt Holdings (BKKT) has appointed Akshay Naheta as co-CEO and entered into a strategic partnership with his payments startup, Distributed Technologies Research (DTR), in a move aimed at strengthening its foothold in blockchain-based payments.
Naheta, a former SoftBank executive known for high-profile investments in Nvidia and ARM, officially joins Bakkt’s leadership team today. Working alongside current CEO Andy Main, he will focus on expanding Bakkt’s blockchain-powered payments initiatives. Additionally, Naheta will take a seat on Bakkt’s board of directors.
The core of this partnership lies in integrating Bakkt’s trading and brokerage platform with DTR’s stablecoin-powered payments infrastructure. According to a press release, DTR’s technology utilizes blockchain, API-driven solutions, and a proprietary routing system designed to cut costs and simplify digital transactions.
Bakkt believes this collaboration will open new revenue opportunities in crypto trading and cross-border payments, subject to regulatory approvals.
The announcement comes as Bakkt’s stock has plunged over 18% in the past three days, following the company’s disclosure that Bank of America (BAC) and crypto trading app Webull Pay will not be renewing their agreements with the firm.
