New York-based funding banking large Moelis & Co. has launched a World Blockchain Group that can present advisory providers to blockchain and crypto corporations.
The group is being fronted by Moelis & Co. co-founder John Momtazee and supported by a group of senior bankers which have vital expertise in advising blockchain firms, in response to the agency.
Momtazee, primarily based in Los Angeles, can also be the worldwide head of media funding banking for the corporate and was beforehand the managing director within the international media group for UBS Funding Financial institution.
Momtazee noted in a Monday announcement that Moelis & Co. is unfazed by the sturdy downturn and volatility of the crypto market this yr, because the agency sees “sturdy long-term prospects” within the software of blockchain tech within the international business panorama.
Throughout an interview with Bloomberg on Monday, he suggested that getting into blockchain and crypto throughout a bear market was the right time to start out advising corporations.
“We love the timing. We expect that to pile in on good days and say, ‘Right here we’re, prepared to assist,’ feels much less real than when there’s a problem,” he mentioned, including that “any disruptive know-how goes to have volatility.”
The group will look to work with “companies using blockchain in addition to rising and main blockchain firms, together with these in search of to construct a presence in Web3.” The group may even coordinate with Moelis & Co.’s international companions to supply purchasers entry to potential alternatives within the crypto/blockchain sector.
Moelis & Co. has additionally onboarded Lou Kerner because the senior adviser of the World Blockchain Group. Kerner is the founding father of Web3 consulting agency CryptoOracle Collective and a associate at crypto enterprise fund Blockchain Coinvestors.
Moelis & Co. has already dipped its toes into the sector, with not too long ago bankrupted crypto lending agency Voyager Digital acquiring its advisory services at first of July following its ill-fated short-term suspension of withdrawals.
The agency was based in 2007 and has 21 places of work throughout North and South America, Australia, Europe, Asia and the Center East. According to information from Macro Developments, the agency had a web price of round $2.97 billion as of Friday, whereas the corporate claims to have advised on greater than $3.5 trillion price of transactions thus far.
The funding financial institution’s different co-founder Ken Moelis additionally has direct publicity to the area by way of participation within the $142 million Series C funding round from stablecoin issuer Paxos in December 2020.
Moelis has held comparatively constructive sentiments towards crypto up to now, and in June final yr, he likened the market to the California gold rush of the mid-1800s.
“It’s just like the gold rush of 1848. Lots of people did not know if there was gold within the floor, however Levi’s made a enterprise promoting denims and Wells Fargo made a banking enterprise,” Moelis mentioned.