In a fascinating development, Thomas Braziel, co-founder and managing partner of 507 Capital, is shaping a fresh entity to augment their scope from purchasing bankruptcy claims to offering brokerage and advisory services in the cryptographic space. This space, interestingly enough, possesses a significant chronological depth when it concerns bankruptcies, with 2022 manifesting as a notable year.
The historical journey of Crypto markets and their association with bankruptcies is long-drawn and consistent, weaving an intricate timeline. Reputed for their work in this area, 507 Capital commenced the acquisition of their stakes in Mt. Gox bankruptcy claims as early as 2015. Over time, they have effectively worked on multiple insolvency and restructuring scenarios, including high-profile ones like those of Cred Inc. and Quadriga, extending their expertise to recent instances such as 3AC, Celsuis, and FTX.
The intriguing part is the new upcoming brand, christened 117 Partners. This establishment, according to Braziel, envisions to exist as an effective confluence of advisory and investment services. While this amalgamation appears like a promising initiative, there is a subtle difference in the narratives weaved by the past and expected future. The successes reaped with 507 Capital almost intimidates the new venture, inviting it to match or surpass the accomplishments of its predecessor.
Braziel appears to exude confidence in the upcoming entity. “We kicked ass with 507 Capital, and now I’m structuring a new entity which I’m labeling as 117 Partners. We will be functioning in multiple roles including offering advisory solutions, carrying out brokerage work, and participating in direct deals,” relayed Braziel in a candid message.
This evolution signifies not just the vigorous growth of the crypto sector but also the challenges it has grappled with over the years. It spans across adventurous investments, complex bankruptcy cases, and diligent advisory roles. The introduction of 117 Partners thus signals not just an expansion of Braziel’s interests, but also testament to the flexibility and resilience of the crypto universe.
The new venture, as it embarks on its journey, surely has plenty of challenges to navigate. However, it will be intriguing to see how 117 Partners leverages the legacy of 507 Capital and molds it into an enhanced service-offering, all while maintaining a firm footprint in the ever-evolving crypto terrain.
Source: Coindesk
