According to a report by Bloomberg, former executives of Millennium Management LLC and Pacific Investment Management Company (Pimco) are launching a digital asset advisory business. Benoit Bosc, who previously served as a portfolio manager at Millennium, and Michael Bressler, who recently held the position of Executive Vice President at Pimco, left their respective firms in October and August to co-found the digital asset advisory firm x2B. The company is set to launch in November and currently has 10 clients, with a fee structure based on a mix of future tokens and cash for each project.
The company will provide advisory services to crypto projects, including fundraising, token issuance, financial management, and market-making arrangements. Bosc previously served as the U.S. General Manager at the digital asset market maker GSR, while Bressler held the role of Global Head of Sales at the same firm for a year and a half. Bressler stated in an interview that "there are very few people who understand the complex dynamics of token issuances at the intersection of advanced traditional finance and digital finance." Bosc indicated that the industry will benefit from "more professional and transparent practices," and added that x2B plans to drive "more accountability for the various market participants and service providers involved in these issuances."
