Active Stocks
Tue Dec 05 2023 15:57:23
  1. Power Grid Corporation Of India share price
  2. 222.4 4.46%
  1. Tata Steel share price
  2. 131.6 0.5%
  1. NTPC share price
  2. 285.5 3.89%
  1. State Bank Of India share price
  2. 608.4 2.31%
  1. ICICI Bank share price
  2. 1,013.15 2.28%
Business News/ Markets / Cryptocurrency/  Meet Akshay Naheta, Indian-born British, who has launched stablecoin technology to dodge inflation
Back Back

Meet Akshay Naheta, Indian-born British, who has launched stablecoin technology to dodge inflation

Akshay Naheta launches new company in Abu Dhabi focused on stablecoin technology with ties to high-net-worth individuals.

Akshay Naheta launches stablecoin technologyPremium
Akshay Naheta launches stablecoin technology

Indian-born British business executive Akshay Naheta has launched a new company in Abu Dhabi focusing on stablecoin technology, Bloomberg news agency reported.

The former SoftBank Group Corp has set up DTR within the emirate’s international financial free zone. The business news agency said that Naheta will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. DRAM coins will be backed by the United Arab Emirates dirham, Bloomberg added.

DRAM coins will be available on decentralized exchanges including Uniswap, Sushiswap and Pancakeswap, and the team plans to work with centralized exchanges in the near future, according to Naheta.

(Exciting news! Mint is now on WhatsApp Channel. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

The stablecoin technology's peg to the greenback offers greater stability for individuals in high-inflation countries from Turkey to Egypt and Pakistan.

What are Stablecoins?

They are crypto tokens that are pegged to an asset like the dollar. But they’re mostly used by traders to move digital assets between exchanges and have made limited inroads into consumer payments.

According to CoinGecko, around $124 billion worth of stablecoins are in circulation.

About Akshay Naheta

Akshay Naheta was a former trader at Deutsche Bank. He 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.

Naheta received an SM in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT) in 2004. He graduated with a BS highest honors, in Electrical Engineering from the University of Illinois at Urbana-Champaign (UIUC) in 2003.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Elections News, Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 02 Oct 2023, 11:01 AM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App