Bakkt Names Akshay Naheta as Co-CEO, Teams Up with DTR for Stablecoin-Powered Payment Expansion
Bakkt Holdings (BKKT) has appointed Akshay Naheta as co-CEO while forging a strategic partnership with his fintech firm, Distributed Technologies Research (DTR), to accelerate its stablecoin-based payment solutions.
Naheta, a former SoftBank executive with a track record of investing in Nvidia and ARM, steps into his new role today. Alongside current CEO Andy Main, he will help lead Bakkt’s expansion into blockchain-driven financial services. Naheta will also join Bakkt’s board of directors.
As part of the collaboration, Bakkt will integrate its crypto trading and brokerage platform with DTR’s cutting-edge stablecoin payments infrastructure. According to a press release, DTR’s system leverages blockchain technology, advanced APIs, and a proprietary transaction routing mechanism to optimize payments and lower processing costs.
The partnership is expected to open new revenue opportunities in digital asset trading and cross-border transactions, pending regulatory approval.
The announcement comes amid a sharp 18% drop in Bakkt’s stock over the past three days following news that Bank of America (BAC) and Webull Pay will not be renewing their agreements with the firm.
