Akshay Naheta is said to be in negotiations for the sale of a minority interest in his stablecoin payments venture, intending to utilize the revenue for market growth.

Former SoftBank executive Akshay Naheta, known for his role in some of the firm’s significant transactions, is reportedly engaging in initial talks to divest a minority stake in the stablecoin payments startup he co-founded, according to information gathered by Bloomberg from sources familiar with the situation.

Distributed Technologies Research, which leverages blockchain technology for stablecoin transactions in cross-border payments, plans to use the fundraising to penetrate new markets, including the U.S., the sources indicate. The initial amount being targeted for the public fundraising and the company’s valuation remain undisclosed as discussions continue with various strategic investors and venture capital firms, according to these insiders.

A representative for DTR mentioned that the company currently provides payout and pay-in options in over 40 countries, with plans to increase this number to over 100 in the following year, facilitating billions of dollars in transactions.

This development follows shortly after fintech leader Stripe announced a $1.1 billion agreement to acquire the stablecoin startup Bridge. Additionally, BVNK, a stablecoin payments firm backed by Tiger Global Management, is reportedly in preliminary discussions to secure $50 million, fueled by growing interest in the sector.

Naheta, who previously traded at Deutsche Bank AG, played a pivotal role in many of SoftBank’s top deals, Bloomberg highlights, noting that he had proposed to founder Masayoshi Son the sale of chip designer Arm Holdings to semiconductor giant Nvidia and was also responsible for leading a $4 billion investment in Nvidia in 2017, which netted a $3 billion profit.

In 2022, Naheta co-founded DTR with several seasoned finance professionals, including Jason Griffith, the former global head of equities at Jefferies Financial Group Inc., and Hasan Sabri, the former COO at SB Management Ltd., as detailed on the company’s website.