New York-based investment banking giant Moelis & Co. launched the Global Blockchain Group, which will provide advisory services to blockchain and cryptocurrency companies.
The group is led by co-founder Moelis & Co., according to the firm. John Momtazi and supported by a team of senior bankers with significant experience advising blockchain companies.
Momtazi, who lives in Los Angeles, is also the global head of media investment at the company and was previously the managing director of UBS Investment Bank’s global media group.
Momtazi noted in a July 25 announcement that Moelis & Co. not worried about the strong downturn and volatility of the cryptocurrency market this year, as the firm sees “strong long-term prospects” in the application of blockchain technology in the global commercial landscape.
In an interview with Bloomberg on July 25, he proposed that getting into blockchain and crypto during the bear market was the perfect time to start advising firms.
“We love the timing. We think speaking on good days and saying, ‘Here we are, here to help’ seems less sincere than when there is a problem,” he said, adding that “any disruptive technology is going to have instability.”
The group will seek to work with “blockchain-using corporations as well as emerging and leading blockchain companies, including those looking to expand their Web3 footprint.” The group will also coordinate with global partners Moelis & Co. to provide clients with access to potential opportunities in the crypto/blockchain sector.
Moelis & Co. also hired Lou Kerner as a senior advisor to the Global Blockchain Group. Kerner is the founder of Web3 CryptoOracle Collective, a consulting firm, and a partner in Cryptocurrency venture fund Blockchain Coinvestors.
Moelis & Co. has already plunged into the sector, with recently bankrupt cryptocurrency lending firm Voyager Digital acquiring its advisory services in early July following an ill-fated temporary suspension of withdrawals.
The firm was founded in 2007 and has 21 offices in the Americas, Australia, Europe, Asia and the Middle East. According to data According to Macro Trends, the firm had a net worth of around $2.97 billion as of July 22, with the company claiming that advised worth over $3.5 trillion in transactions to date.
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Fellow investment bank co-founder Ken Moelis is also directly involved in the space with his participation in a $142 million Series C funding round from stablecoin issuer Paxos in December 2020.
Moelis has been relatively positive about cryptocurrencies in the past, and last June he become like market during the California Gold Rush of the mid-1800s.
“It’s like the gold rush of 1848. Many people didn’t know if there was gold in the ground, but Levi’s made money selling jeans and Wells Fargo made money from the banking business,” Moelis said.
Credit : cointelegraph.com