As the market experiences a significant rebound, two former executives from major U.S. investment management firms, Millennium Management and Pimco, are re-entering the cryptocurrency space.
According to a report by Bloomberg on November 11, former Millennium portfolio manager Benoit Bosc and former Pimco executive vice president Michael Bressler have established a new cryptocurrency consulting firm called x2B after leaving their positions.
x2B is expected to launch in November 2024 and will provide advice on fundraising, token economics, market-making strategies, exchange listings, and fund management for cryptocurrency projects.
Before their tenures at Millennium and Pimco, Bosc and Bressler held senior positions at cryptocurrency liquidity firm GSR for several years, with Bosc joining in 2022 and Bressler in 2021. They left GSR in 2023 following a significant downturn in the cryptocurrency market in 2022.
Bressler, who worked at Wall Street giant JPMorgan for nearly 14 years, stated that "few people" understand "the complex dynamics of token issuance" at the intersection of traditional finance and digital finance.
He mentioned that x2B already has 10 clients and will charge fees in a mix of future tokens and cash from projects.
x2B co-founders Benoit Bosc (left) and Michael Bressler. Source: x2B
Bosc, who spent over nine years as a crude oil trader at Goldman Sachs, said the cryptocurrency industry will benefit from "a more professional and transparent approach."
According to Bosc, x2B plans to hold various market participants and service providers involved in token issuance "more accountable."
On November 10, Bitcoin (BTC) surged past $80,000 for the first time in history, and Bosc and Bressler are re-entering the cryptocurrency market amid this significant rebound.
With Donald Trump winning the U.S. presidential election, bullish sentiment for cryptocurrency in 2024 is further heating up, as many believe a Trump administration will have a positive impact on the growing cryptocurrency industry in the U.S. and globally.
Historical price chart of Bitcoin (BTC). Source: CoinGecko
At the time of writing, Bitcoin is trading at $81,331, having risen approximately 3% in the past 24 hours. According to CoinGecko, this cryptocurrency has surged about 85% year-to-date, with a 30% increase over the past 30 days.
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