Two former executives from major U.S. investment managers Millennium Management and Pimco are re-entering the cryptocurrency space amid a sharp market rebound.
Former Millennial portfolio manager Benoit Bosc and former Pimco executive vice president Michael Bressler have left their companies to form a new cryptocurrency consulting firm, x2B, Bloomberg reported Nov. 11.
Expected to launch in November 2024, x2B will advise cryptocurrency projects on fundraising, token economics and market-making strategies, exchange listings and fund management.
Prior to their tenures at Millennium and Pimco, both Bosc and Bressler spent several years in senior roles at crypto liquidity firm GSR, with Bosc joining in 2022 and Bressler in 2021. They left GSR in 2023 following the 2022 crypto market crash.
Bressler, who previously worked at Wall Street giant JPMorgan for nearly 14 years, said that “very few people” understand the “complex dynamics of token issuance” at the intersection of advanced traditional and digital finance.
He said x2B already has 10 customers and will receive fees in a mix of the project’s future tokens and cash.
X2B co-founders Benoit Bosc (left) and Michael Bressler. Source: X2B
Bosque, who worked as a crude oil trader at Goldman Sachs for more than nine years, said the cryptocurrency industry would benefit from a “more professional and transparent approach.”
According to Bosc, the x2B initiative puts “more responsibility” on the various market participants and service providers involved in token issuance.
Bosk and Bressler’s re-entry into the cryptocurrency market comes amid a sharp rebound in the cryptocurrency market on Nov. 10, when Bitcoin (BTC) surged past $80,000 for the first time in history.
With Donald Trump’s victory in the U.S. presidential election, bullish sentiment for cryptocurrencies in 2024 has further intensified as many believe that the Trump administration will have a positive impact on the growing cryptocurrency industry in the United States and around the world.
Bitcoin (BTC) historical price chart. Source: Coingecko
At the time of writing, Bitcoin is trading at $81,331, up about 3% in the past 24 hours. The cryptocurrency has surged about 85% so far this year and 30% in the past 30 days, according to CoinGecko.
