Indian-born British launches stablecoin technology to dodge inflation

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.

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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.

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Updated: 02 Oct 2023, 11:01 AM IST