Investment bank Moelis & Co. has started a group to focus on venture deals in the blockchain and digital asset industry, according to a press release.
- The bank is led by billionaire Ken Moelis who, in a speech last year, likened the crypto space to the 1848 gold rush.
- He remains unperturbed by a market downturn that sent bitcoin's (BTC) price plunging from $69,000 in November to $22,000, saying that “any disruptive technology is going to have volatility.”
- The group will be led by Moelis co-founder John Momtazee, who said the 30% of managing directors at the firm have crypto wallets.
- The bank was hired by crypto broker Voyager Digital in June with the intention of providing assistance in Voyager's bankruptcy proceedings.
- It has also worked with Ripple Labs and CipherTrace, a blockchain analytics company that was acquired by Mastercard (MA) in September.
- Ken Moelis has personal exposure in the crypto space after becoming an investor in Paxos in December 2020.
- The launch of the blockchain group was reported earlier by Bloomberg on Monday.
UPDATE (July 25, 2022, 14:11 UTC): Changes sourcing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.