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.
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