Moelis & Co., the investment bank founded by billionaire Ken Moelis, is starting a group to focus on global blockchain deals after a spate of transactions among crypto firms.
John Momtazee, who co-founded Moelis and is the global head of media investment banking, is overseeing the effort. Longtime venture investor Lou Kerner is joining the firm as a senior adviser to the group, reuniting the two executives who worked together more than 20 years ago.
Moelis is starting its effort as venture funding in the industry has tumbled and the price of Bitcoin has plummeted to less than one-third of its peak price of more than $68,000 in November.
The so-called crypto winter hasn’t phased Moelis. Companies including Celsius Network have filed for bankruptcy, while several large investors are mulling acquisitions.
“We love the timing. We think that to pile in on good days and say, ‘Here we are, ready to help,’ feels less genuine than when there’s a challenge,” Momtazee said in an interview....
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