Bakkt names new co-CEO amid re-focus on crypto offerings

Akshay Naheta will join Bakkt as co-CEO as the company looks at shedding some of its services “to focus resources on core crypto offerings.”

Crypto custody and trading firm Bakkt Holdings has appointed a new co-CEO and is cutting some of its services to focus on its crypto offerings after recently losing two major clients.

Akshay Naheta, the founder of stablecoin payments infrastructure firm Distributed Technologies Research (DTR), will join Bakkt CEO Andy Main in the role, the company said on March 19.

Bakkt added that it will enter into an agreement with DTR to integrate its stablecoin-based payment infrastructure with Bakkt’s crypto trading and brokerage technology, subject to regulatory approval.

Bakkt said the partnership would open new revenue streams in stablecoin payments and crypto trading while increasing efficiency in cross-border payments, a popular use case for crypto.

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