Former executives from two major investment firms, Pimco and Millennium, have teamed up to launch a digital asset consultancy, x2B. The firm aims to provide guidance on token launches, fundraising, and related matters.
According to a Bloomberg report on Nov. 11, former portfolio manager at Millennium Management, Benoit Bosc has partnered with former executive vice president of Pimco, Michael Bressler to start x2B, a cryptocurrency consultancy.
The startup offers services for crypto projects seeking to promote their tokens, open rounds of fundraising, and request guidance on treasury management and market-making arrangements. Despite launching this month, Bressler claims that the firm already has 10 clients.
As a former general manager for market maker GSR, Bosc states that the crypto industry needs a “more professional and transparent approach” that their firm aims to provide.
Bosc hopes that, over time, token launches in the crypto industry will be held more accountable by various stakeholders, including actors and service providers. Token launches are typically how crypto projects market their tokens to the public, often through listings on exchanges.
So far, the highest-profile market debuts this year have not met expectations. Some industry participants cite poor structuring, which results in inflated prices, as the main cause for lukewarm receptions.
Not only that, but token launches also have to comply to regulatory standards depending on the region where the project operates. For instance in Switzerland, to launch a token the protocol would need to establish a legal entity to protect the project’s founders from personal liability
Therefore, Bressler believes that the combined experience from managing traditional finance firms and dealing with digital finance will help aid clients in their virtual asset management.
“There are very few people that have been at the intersection of high-level traditional finance and digital finance and understand the intricate dynamics of token launches,” said Bressler. According to Bressler, the crypto consultancy firm also accepts payment in the form of a project’s future tokens.
Over the years, several crypto consulting firms have offered services for upcoming projects, including companies like Blockchain App Factory, 4IRE Labs, and even conventional firms such as the Boston Consulting Group, which provides blockchain consulting services.
Source: https://crypto.news/former-pimco-and-milennium-executives-start-a-crypto-advisory-business/