Wachsman, one of the world’s leading blockchain professional services firms, has hired senior bankers from investment banks Jefferies and J.P. 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 and will lead the firm’s new Strategic Advisory Group in New York. Mr. Chang will be supported by associate director Franklin Bi, former vice president and blockchain strategy lead for J.P. 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.
“Today is a landmark occasion for our rapidly growing company,” Mr. Wachsman said. “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, Mr. 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, he was a director in the Mergers and Acquisitions Group at Bank of America Merrill Lynch and vice president at Citigroup, where he advised on more than $40 Billion in M&A and capital raising transactions. Mr. Chang holds a Master of Business Administration from Cornell University, where he was a Roy H. Park Leadership Fellow.
“I’m honored to bring my experience advising some of the world’s largest companies to Wachsman in the fastest growing industry of our generation, blockchain,” Mr. Chang said. “We can all see the growth trajectory for blockchain and digital assets, but organizations 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 utilizing blockchain technology to better reach and serve their customers in new and exciting ways.”
Mr. Bi spent four years at J.P. Morgan leading business strategy and use case prioritization for blockchain initiatives across wholesale banking, custody and fund services, and capital markets. He was responsible for driving J.P. Morgan’s initial assessment of the impact of blockchain technology in 2015, co-authored the J.P. Morgan report, Unlocking Economic Advantage with Blockchain, and played a key role in initiatives such as J.P. Morgan’s Quorum project, crypto-asset strategy, and consortia engagement. Mr. Bi graduated from The Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics.
Wachsman was founded by Mr. Wachsman in December 2015 and now employs 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.