What to Know:
- Bakkt has appointed Akshay Naheta as co-CEO and entered a strategic partnership with Naheta’s payments startup, Distributed Technologies Research (DTR).
- The objective is to integrate Bakkt’s trading and brokerage platform with DTR’s stablecoin-based payments solution.
- The partnership is anticipated to create new revenue opportunities in crypto and cross-border transactions.
Bakkt Holdings (BKKT) has announced the hiring of Akshay Naheta as co-CEO and the formation of a strategic alliance with Distributed Technologies Research (DTR), a payments startup led by Naheta. This move aims to explore new revenue streams and enhance their blockchain-driven payment solutions.
Naheta, who previously held a position at SoftBank, is set to officially begin his role with Bakkt today. He will work alongside the current CEO, Andy Main, expanding the company’s direction in blockchain-enabled payment systems and will join Bakkt’s board of directors.
A central aspect of this partnership involves the integration of Bakkt’s trading and brokerage platform with DTR’s stablecoin payment infrastructure. DTR’s solution incorporates a variety of APIs and blockchain technology designed to simplify and lower costs associated with these services.
Bakkt believes this combined effort will unlock fresh revenue channels in crypto trading and international payments, contingent on the necessary regulatory approvals.
On a related note, Bakkt’s stock has dropped over 18% recently after disclosing that major partners, including Bank of America (BAC) and Webull Pay, will not be renewing their agreements.
