Akshay Naheta, a former SoftBank Group Corp. executive who steered some of the firm’s biggest deals, is launching a new company in Abu Dhabi focusing on stablecoin technology.
The 42-year-old financier has set up DTR within the emirate’s international financial free zone and will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. They’re looking to capitalize on a stablecoin market that analysts at Bernstein estimate will grow more than 20-fold to $2.8 trillion in five years.
A former trader at Deutsche Bank AG, Naheta was central to some of SoftBank’s biggest deals during his tenure. He pitched founder Masayoshi Son on the sale of chip designer Arm to semiconductor designer Nvidia Corp. He also led a $4 billion investment in Nvidia in 2017, earning $3 billion in profit. To supporters, they’re a superior means of achieving cheap, instant money transfers and payments. Yet they’ve faced resistance from central banks that are busy developing their own digital currencies.
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