Investment bank Moelis & Co. has started a group to focus on venture deals in the blockchain and digital asset industry, according to a report by Bloomberg.
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The bank is led by billionaire Ken Moelis, who likened the crypto space to the 1848 gold rush in a speech last year, Bloomberg said.
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He remains unperturbed by a market downturn sent bitcoin plunging from $69,000 in November to $22,000, saying that “any disruptive technology is going to have volatility.”
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The group will be led by Moelis co-founder John Momtazee, who said the 30% of managing directors at the firm have crypto wallets, according to the report.
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The bank was hired by crypto broker Voyager in June with the intention of providing assistance in Voyager’s bankruptcy proceedings.
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It has also worked with Ripple Labs and Cipher Trace, a blockchain analytics company that was acquired by Mastercard in September.
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Ken Moelis has personal exposure in the crypto space after becoming an investor in Paxos in December, 2020.
