Bakkt appoints co-CEO, plans to cut expenses and focus on payments and cryptocurrency businesses

Bakkt has appointed Akshay Naheta as its co-CEO and is shifting some operations so the company can focus on its payments and cryptocurrency businesses. Naheta will work alongside current CEO Andy Main, who founded Distributed Technologies Research. Bakkt plans to sign a commercial agreement to combine DTR's payment technology infrastructure with the company's cryptocurrency trading and brokerage services. In addition, Bakkt said it is considering selling or closing its loyalty business unit.