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.
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.
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.”
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.
The bank was hired by crypto broker Voyager in June with the intention of providing assistance in Voyager's bankruptcy proceedings.
It has also worked with Ripple Labs and Cipher Trace, a blockchain analytics company that was acquired by Mastercard in September.
Ken Moelis has personal exposure in the crypto space after becoming an investor in Paxos in December, 2020.