Wachsman, a blockchain professional services firm, has hired senior bankers from investment banks Jefferies and JP Morgan to lead a new blockchain strategy and advisory division.
Formerly Senior Vice President, Technology Investment Banking Group at Jefferies, Michael Chang joins Wachsman as Managing Director Strategy and will lead the firm’s new Strategic Advisory Group in New York. Chang will be supported by Associate Director Franklin Bi, former Vice President and Blockchain Strategy Lead for JP Morgan’s Blockchain Center of Excellence. Wachsman’s Strategic Advisory Group will provide blockchain consulting and advisory services to Wachsman’s existing clients as well as publicly-traded corporations and privately-held companies globally.
CEO David Wachsman says: “Today is a landmark occasion for our rapidly growing company. We have exceeded our clients’ expectations with world-class public relations support and many of them have asked us to do more for them. With the experience and expertise that Michael and Franklin share, we now have the talent to offer a wider range of services. Subject matter expertise in this world-changing technology is extremely valuable, so we’re proud to have attracted some of the brightest minds in blockchain to lead our new Strategic Advisory Group.”
During his tenure at Jefferies, Chang founded and led the firm’s blockchain coverage effort where he developed and executed blockchain strategies for clients ranging from large corporations, to institutional investors, to emerging blockchain companies. Prior to Jefferies, Chang was a Director in the Mergers and Acquisitions Group at Bank of America Merrill Lynch and Vice President at Citigroup, where he advised on over USD40 Billion in M&A and capital raising transactions. Michael holds a Master of Business Administration from Cornell University, where he was a Roy H Park Leadership Fellow.
Chang says: “I’m honoured to bring my experience advising some of the world’s largest companies to Wachsman in the fastest growing industry of our generation, blockchain. We can all see the growth trajectory for blockchain and digital assets, but organisations seldom have the experience to guide companies through how to best employ the technology. The Strategic Advisory Group will advise companies on how to accelerate their strategic objectives utilising blockchain technology to better reach and serve their customers in new and exciting ways.”
Franklin Bi spent four years at JP Morgan leading business strategy and use case prioritization for blockchain initiatives across wholesale banking, custody and fund services, and capital markets. Bi was responsible for driving JP Morgan’s initial assessment of the impact of blockchain technology in 2015, co-authored the JP Morgan report, “Unlocking Economic Advantage with Blockchain,” and played a key role in initiatives such as JP Morgan’s Quorum project, crypto-asset strategy, and consortia engagement. Bi graduated from The Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics.
Wachsman was founded by David Wachsman in December 2015 and has grown to employ 90 staff worldwide, with a client portfolio of some of the largest and indispensable companies and projects in the blockchain ecosystem, including CoinDesk, eToro, Dash, tZERO, Steemit, Bitfinex, Crypto Valley Association, and Lisk.
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