Former SoftBank executive Akshay Naheta is eyeing a stake sale in his own startup named Distributed Technologies Research Ltd. (DTR). He had played a central role in some of the most significant deals in SoftBank. His stablecoin payments company uses blockchain technology for cross-border payments and he currently in early talks with investors to raise funds for expansion to new markets including the United States.
The decision of Naheta to raise funds is timely as interests of investors are once again returning in the crypto space following some rough patches equipped with collapse of major companies like FTX and BlockFi. Stablecoins is a type of cryptocurrency that is designed to maintain a stable value as it is tied to traditional currencies or commodities. Currently $200 billion worth of stablecoins are in circulation and it is believed the sector has a potential for growth. DTR is simply looking to tap into the momentum.
DTR already offers services in more than 40 countries and has plans to expand to 100 countries by 2025. Naheta has a good track record at SoftBank as he was involved in major deals like the $4 billion investment in Nvidia.
The vision of DTR is exciting as is it aligns with the growing demand for blockchain-powered financial solutions. More companies are currently looking for efficient and low-cost ways to handle international payments. Stripe has acquired stablecoin startup Bridge for $1.1 billion and other companies like BVNK raising funds.
The venture of Naheta into the stablecoin space shows that he is not just looking to build a business, but he is also aiming to be part of the next wave of innovation in global payments.
