Akshay Naheta is reportedly in negotiations to sell a minority stake in his stablecoin payments startup, intending to utilize the proceeds for market expansion.
The former SoftBank executive, known for facilitating some of the firm’s largest deals, is said to be in preliminary talks about selling a minority interest in the stablecoin payments venture he co-founded, as reported by Bloomberg according to sources familiar with the situation.
Distributed Technologies Research, which leverages blockchain technology to facilitate stablecoin transactions for cross-border payments, is expected to allocate the funds for expansion into new markets, including the U.S., as indicated by the sources. The specifics regarding the initial public fundraising efforts and valuation remain unclear at this stage as discussions are ongoing with various strategic investors and venture capital firms, according to the sources.
A representative from DTR stated that the company currently offers payout and pay-in services in over 40 countries, with plans to expand to more than 100 countries next year, targeting billions of dollars in transaction volume.
This development follows just a few months after fintech giant Stripe announced a $1.1 billion acquisition of stablecoin startup Bridge. Simultaneously, Tiger Global Management-backed BVNK, another player in the stablecoin payments space, is reportedly in the early stages of raising $50 million amid growing interest in the sector.
Naheta, who previously worked as a trader at Deutsche Bank AG, was instrumental in many of SoftBank’s key transactions, as noted by Bloomberg. He was involved in pitching founder Masayoshi Son on the sale of chip designer Arm Holdings to semiconductor company Nvidia and oversaw a $4 billion investment in Nvidia in 2017, resulting in a $3 billion profit.
In 2022, Naheta co-founded DTR with several finance industry veterans, including Jason Griffith, the former global head of equities at Jefferies Financial Group Inc., and Hasan Sabri, the former COO at SB Management Ltd., as detailed on the company’s website.
