Former SoftBank executive Akshay Naheta has joined Bakkt as co-chief executive officer, aiming to rejuvenate the crypto trading platform.
Appointment of Akshay Naheta
On March 19, Bakkt announced Akshay Naheta's appointment as co-CEO. He will serve alongside the current CEO, Andy Main. Before joining Bakkt, Naheta founded Distributed Technologies Research, focusing on developing global payment infrastructure.
Planned Changes and Integrations
The company plans to integrate DTR's payment technology with Bakkt's trading and brokerage services, requiring regulatory approvals. At SoftBank, Naheta led investments, including a significant stake in Nvidia, which yielded a $3 billion profit.
Financial Difficulties at Bakkt
Since going public in 2021, Bakkt has faced a steep decline in its stock price, losing over 62% of its value this year. The company also lost major clients, such as Bank of America and Webull, while retaining valuable regulatory licenses, such as the BitLicense from the New York State Department of Financial Services.
Akshay Naheta's appointment as a top executive at Bakkt could play a crucial role in the company's recovery and expansion of its technological capabilities in the crypto sector.
