Crypto brokerage company Bakkt has named Akshay Naheta, founder of Distributed Technologies Research (DRT) as its co-CEO on Wednesday, the Wall Street Journal reported.
Bakkt plans to enter an agreement to integrate DTR's payments technology infrastructure with the company's crypto trading and brokerage offerings. The partnership will unlock new revenue streams in crypto trading and stablecoin payments, the company said. It is also expected to bring more efficiency to cross-border payments.
Additionally, Bakkt is exploring a potential sale or wind-down of its loyalty business segment, as it focuses on its core crypto offerings. It is selling Bakkt Trust for $1.5 million to cut operating costs by $3.8 million annually.
