SoftBank Veteran Akshay Naheta Eyes Market Expansion with Stake Sale in Stablecoin Payments Startup

Akshay Naheta, a former top executive at SoftBank known for orchestrating some of its landmark deals, is reportedly exploring the sale of a minority stake in his stablecoin payments startup. The move is aimed at funding the company's ambitious market expansion plans, according to a Bloomberg report citing sources familiar with the matter.

The company in question, Distributed Technologies Research (DTR), leverages blockchain technology to facilitate cross-border payments via stablecoins. The potential funds from this stake sale are expected to fuel the firm's entry into new markets, including the U.S. While specific details about the fundraising size and valuation remain under wraps, DTR is said to be in discussions with multiple strategic investors and venture capital firms.

A company spokesperson revealed that DTR currently supports payout and pay-in services in over 40 countries. The firm plans to expand this coverage to over 100 countries by next year, processing billions of dollars in transactions.

This development comes amid increasing investor interest in the stablecoin payments space. Recently, fintech giant Stripe announced a $1.1 billion acquisition of stablecoin startup Bridge. Similarly, BVNK, another player in the sector backed by Tiger Global Management, is reportedly in talks to raise $50 million.

Naheta's prominence in the financial world extends beyond his current venture. As a former Deutsche Bank trader, he played a pivotal role at SoftBank, advising founder Masayoshi Son on major deals, including the $4 billion investment in Nvidia in 2017, which netted a $3 billion profit. Naheta also championed the sale of Arm Holdings to Nvidia, further cementing his reputation for high-stakes financial strategies.

DTR, co-founded in 2022, brings together a team of seasoned finance professionals. Naheta partnered with Jason Griffith, former global head of equities at Jefferies Financial Group, and Hasan Sabri, former COO at SB Management Ltd., to launch the company.

As the global payments landscape evolves, Naheta's strategic move to raise capital underscores the growing importance of stablecoin-based solutions in cross-border transactions.