CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Akshay Naheta Considers Selling Stake in DTR for Expansion
Market Musing-g

Akshay Naheta Considers Selling Stake in DTR for Expansion

DeFi Planet
By DeFi Planet
22 days ago
3 mins read
Akshay Naheta Considers Selling Stake in DTR for Expansion

Akshay Naheta, a former SoftBank executive known for leading several significant deals, is reportedly in talks to sell a minority stake in Distributed Technologies Research (DTR), the stablecoin payments startup he co-founded.

According to sources cited by Bloomberg, the proceeds from the potential sale will fund the company’s expansion into new markets, including the United States. Founded in 2022, DTR leverages blockchain technology to facilitate cross-border stablecoin transactions. While details regarding the size of this fundraising round and the company’s valuation remain undisclosed, DTR is reportedly negotiating with multiple strategic investors and venture capital firms.

A DTR spokesperson highlighted the company’s growing footprint, stating it currently operates in over 40 countries and aims to scale its services to over 100 countries by next year, with billions of dollars in transactions projected.

Naheta, a former Deutsche Bank trader, gained recognition at SoftBank for orchestrating high-profile deals, including a $4 billion investment in Nvidia in 2017, which generated a $3 billion profit. He also played a key role in the proposed chip designer Arm Holdings sale to Nvidia.

The DTR founding team includes prominent financial figures such as Jason Griffith, former global head of equities at Jefferies Financial Group, and Hasan Sabri, former COO of SB Management Ltd., further solidifying its position as a key player in blockchain payments.

Meanwhile, crypto-friendly Singapore Gulf Bank is reportedly seeking to raise at least $50 million to bolster its offerings and facilitate its acquisition of a stablecoin payments company by 2025. According to a Bloomberg report from November 25, the bank aims to sell up to 10% of its equity by early 2025, with discussions underway with a Middle Eastern sovereign wealth fund and other investors. The funds will enhance product development, expand the bank’s payment network, and acquire a stablecoin payments firm based in the Middle East or Europe.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

0 likes
|

Other articles published on Dec 12, 2024

Market Musing-g

Binance CEO says users deposited over $21b to the exchange in 2024

Binance CEO Richard Teng announced that the crypto exchange saw a total of $21.6 billion in user fund deposits throughout 2024 alone, following a surge in Bitcoin and Tether deposit value across al...
By crypto.news
22 days ago
3 mins read
Trading

Sui (SUI) Soars Amid Net Inflow Surge, Ecosystem Growth

Sui has been attracting significant investor interest and dominating daily net inflow of funds, with its strong growth is fueled by increasing trading volume and a robust ecosystem.
By Blockhead
22 days ago
2 mins read
Market Musing-g

Will Chainlink and Pepe See Major Gains?

Prominent trader Bluntz took to social media platform X to share optimistic forecasts for Chainlink (LINK) and the memecoin Pepe (PEPE), suggesting potential surges in their values. What Signals a ...
By BH NEWS
22 days ago
2 mins read
Market Musing-g

Ripple Whale Deposits to Binance Reach 6-Month High, Over 2.66 Billion XRP Transferred

Whale investors seized the opportunity to buy 100 million XRP after it briefly dropped below $2.
By CryptoPotato_News
22 days ago
2 mins read
Market Musing-g

Crypto x AI makes up just 1% of crypto market cap, says analyst

The Crypto x AI sector comprises just 1% of the entire crypto market cap, says David Cheung. However, he believes that there is room for the sector's growth.
By crypto.news
22 days ago
4 mins read
Market Musing-g

Crypto Travel Pioneer Travala Posts Record $100m Revenue, Unveils Bitcoin Reserve Plan

Travala's $100m milestone marks new chapter in crypto travel.
By Yellow News
21 days ago
2 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!