Former Pimco and Milennium executives start a crypto advisory business

Former executives of two major investment firms, Pimco and Millennium, have teamed up to launch digital asset consultancy x2B. The firm aims to provide guidance on token launches, fundraising and related matters.

Benoit Bosc, a former portfolio manager at Millennium Management, has partnered with former Pimco vice president Michael Bressler to launch x2B, a cryptocurrency consultancy, according to a Nov. 11 report from Bloomberg.

The startup offers services for crypto projects looking to promote their tokens, conduct open source fundraising rounds, and seek guidance on treasury management and market-making regulations. Despite launching this month, Bressler claims the firm already has 10 customers.

Bosc, the former chief executive of market maker GSR, says the crypto industry needs a “more professional and transparent approach,” which his firms aim to provide.

Bosc hopes that over time, token launches in the crypto industry will be held more accountable by various stakeholders, including actors and service providers. Token launches are a way for crypto projects to market their tokens to the public, usually through listings on exchanges.

So far, the highest-profile products released this year have not lived up to expectations. Some industry participants cite poor structuring resulting in inflated prices as the main reason for the lukewarm response.

Not only that, token launches must also comply with regulatory standards depending on the region in which the project operates. To launch a token in Switzerland, for example, the protocol must create a legal entity that will protect the founders of the project from personal liability.

Therefore, Bressler believes that the combined experience gained from managing traditional financial companies and dealing with digital finance will help clients with virtual asset management.

“There are very few people at the intersection of high-level traditional finance and digital finance who understand the complex dynamics of token launches,” Bressler said. According to Bressler, the crypto advisory firm is also accepting payments in the form of the project’s future tokens.

Over the years, many crypto consulting firms have offered services for future projects, including companies like Blockchain App Factory, 4IRE Labs, and even traditional firms like Boston Consulting Group, which provides blockchain consulting services.

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