Bakkt Welcomes Akshay Naheta as Co-CEO

In a strategic move to bolster its position in the cryptocurrency market, Bakkt has announced the appointment of Akshay Naheta, the visionary founder of Distributed Technologies Research (DRT), as its co-CEO. This significant leadership change was reported by the Wall Street Journal, marking a new chapter for Bakkt.

Strategic Integration with DTR

Bakkt is set to integrate DTR's cutting-edge payments technology with its existing crypto trading and brokerage services. This collaboration aims to unlock innovative revenue streams through enhanced crypto trading experiences and stablecoin payments, alongside improving the efficiency of cross-border transactions.

Focusing on Core Crypto Offerings

In addition to these developments, Bakkt is considering the sale or wind-down of its loyalty business segment to concentrate on its core crypto offerings. The company is also in the process of selling Bakkt Trust for $1.5 million, a move expected to reduce annual operating costs by $3.8 million.