New York-based investment banking giant Moelis & Co. has launched a Global Blockchain Group that will provide advisory services to blockchain and crypto businesses.
The group is led by Moelis & Co. co-founder John Momtazee and supported by a team of experienced bankers who have significant experience advising blockchain companies, according to the company.
Los Angeles-based Momtazee is also the firm’s global head of media investment banking and was previously the global media group managing director for UBS Investment Bank.
Momtazee Noted in a July 25 announcement, Moelis & Co. is not fazed by the sharp downturn and volatility in the crypto market this year, as the company sees “strong long-term prospects” in applying the blockchain technology in the global business landscape.
In an interview with Bloomberg on July 25, he suggested that getting into blockchain and crypto during a bear market was the perfect time to start advising businesses.
“We love the moment. We think piling on the good days and saying, ‘We’re here, ready to help,’ feels less authentic than when there’s a challenge,” he said, adding that “any disruptive technology is going to have volatility”.
The group will seek to work with “companies using blockchain as well as emerging and leading blockchain companies, including those looking to establish a presence in Web3.” The group will also coordinate with global Moelis & Co. partners to provide clients with access to potential opportunities in the crypto/blockchain industry.
Moelis & Co. has also onboarded Lou Kerner as senior advisor to the Global Blockchain Group. Kerner is the founder of the Web3 consulting firm CryptoOracle Collective and a partner in venture capital fund Blockchain Coinvestors.
Moelis & Co. has already dipped its toes into the sector, with recently bankrupt crypto lending firm Voyager Digital the acquisition of its consulting services beginning of July following its unfortunate temporary suspension of direct debits.
The company was founded in 2007 and has 21 offices in North and South America, Australia, Europe, Asia and the Middle East. According Data from Macro Trends, the company had a net worth of approximately $2.97 billion as of July 22, while the company claims to have informed on over $3.5 trillion in transactions to date.
Moelis has had relatively positive feelings towards crypto in the past, and in June of last year he assimilated the market in the California Gold Rush of the mid-1800s.
“It’s like the Gold Rush of 1848. A lot of people didn’t know if there was gold in the ground, but Levi’s started a business selling jeans and Wells Fargo started a business. bank,” said Moelis.