DailySun
Akshay Naheta is said to be in talks to sell a minority share in his stablecoin payment startup, intending to use the funds for market growth.
Akshay Naheta, a former executive at SoftBank who has been instrumental in some of the company’s most significant deals, is reportedly exploring the potential sale of a minority stake in the stablecoin payment startup he co-founded, according to a report by Bloomberg sources familiar with the situation.
Distributed Technologies Research, which leverages blockchain technology for stablecoin transactions in cross-border payments, plans to utilize the raised capital to penetrate new markets, particularly in the U.S., as per the insiders. The details regarding the initial public fundraising and valuation are yet to be determined as discussions are ongoing with various strategic investors and venture capital firms.
A representative from DTR indicated that the company currently provides payout and pay-in services across more than 40 countries, with a goal to expand this to over 100 countries next year, facilitating billions of dollars in transactions.
This development follows a recent announcement from fintech leader Stripe regarding a $1.1 billion acquisition of the stablecoin startup Bridge. Concurrently, BVNK, a stablecoin payment entity backed by Tiger Global Management, is also in preliminary discussions to secure $50 million amid growing interest in the market.
Naheta, a former trader at Deutsche Bank AG, played a pivotal role in some of SoftBank’s most notable transactions. Bloomberg highlights that he had proposed to founder Masayoshi Son the sale of chip designer Arm Holdings to semiconductor leader Nvidia and also spearheaded a $4 billion investment in Nvidia in 2017, resulting in a $3 billion profit.
Naheta co-founded DTR in 2022 along with several finance experts, including Jason Griffith, the former global head of equities at Jefferies Financial Group Inc, and Hasan Sabri, who served as COO at SB Management Ltd., as detailed on the company’s website.
