Two former executives from major US investment management firms Millennium Management and Pacific Investment Management Company (Pimco) are returning to cryptocurrencies amid a massive market rally.
Former Millennium portfolio manager Benoit Bosque and former Pimco executive vice president Michael Bressler have left their positions to form a new cryptocurrency advisory firm, x2B, #Bloomberg reported Nov. 11.
Expected to launch in November 2024, x2B will advise crypto projects in sectors such as fundraising, tokenomics and market maker strategy, exchange listing and treasury management.
The co-founders of X2B have left GSR after a bearish cryptocurrency market in 2022
Prior to taking positions at Millennium and Pimco, both Bosk and Bressler spent a couple years in senior roles at crypto-liquidity provider GSR, with Bosk joining in 2022 and Bressler in 2021. They left GSR in 2023 after a significant downturn in the cryptocurrency markets in 2022.
Bressler, who previously spent nearly 14 years at Wall Street giant JPMorgan, said “very few people” at the intersection of traditional high-level finance and digital finance understand the “complex dynamics of token launches.”
He said x2B already has 10 customers, and will charge fees in the form of honoring future project tokens and cash.
Bosk, who spent more than nine years as a crude trader at Goldman Sachs, said the crypto industry would benefit from a “more professional and transparent approach.”
Bosk said x2B plans to seek “greater accountability” from the various market participants and service providers involved in the token launch.
Cryptocurrency consultancy launches amid bitcoin reaching $90,000
Bosk and Bressler's return to cryptocurrency comes amid a massive rally in the cryptocurrency market, with bitcoin ($BTC
) rising above $80,000 for the first time ever on Nov. 10 and already reaching nearly $90,000 on Nov. 11.
The bullish sentiment towards cryptocurrencies in 2024 has further intensified amid Donald Trump's victory in the U.S. presidential election, as many speculate that the Trump administration will have a positive impact on the growing crypto industry in the U.S. and around the world.
At the time of writing, bitcoin is trading at $88,522 with a rise of 8.61% higher in the last 24 hours. The cryptocurrency is up about 85% since the beginning of the year and is up 30% in the last 30 days, according to CoinMarketCap.