Akshay Naheta, previously a transaction facilitator at SoftBank, has become the co-CEO of the Bakkt cryptocurrency trading platform, indicating the company’s initiatives to revitalize the troubled US crypto trading and custody platform.
Naheta will also become a member of Bakkt’s board of directors and collaborate with current Bakkt CEO Andy Main. Naheta established Distributed Technologies Research, a firm dedicated to developing global payments infrastructure, before joining Bakkt.
Naheta oversaw a $4 billion investment in Nvidia in 2017 at SoftBank, which yielded $3 billion in profits, and also invested in Arm Holdings. Naheta’s firm is projected to integrate its payment technology with Bakkt’s trading and brokerage services, but this is contingent on regulatory clearance.
Bakkt went public in 2021 through a merger with a special purpose acquisition company, and its stock price has plummeted, falling more than 62% this year. The company has also lost significant customers such as Bank of America and Webull, but it retains important regulatory permissions such as the New York State Department of Financial Services’ BitLicense. Jabils Earnings Skyrocket, Future Promising, Shares Increase
Akshay Naheta, a former SoftBank executive, is taking over as co-CEO of Bakkt to assist the struggling cryptocurrency trading platform in its recovery.
