Thomas Braziel, co-founder and managing partner of 507 Capital, is establishing a new company to diversify beyond the purchase of bankruptcy claims and into brokerage and consultancy work in the cryptocurrency industry.Bankruptcies involving cryptocurrencies have a long and consistent history, with 2022 proving to be a particularly successful year.In 2015, 507 Capital started purchasing Mt. Gox bankruptcy claims, and since then, it has worked on other insolvencies and restructurings, from Cred Inc. and Quadriga to more recent cases like 3AC, Celsuis, and FTX.
According to Braziel, the new company, 117 Partners, will be more of a blend between consulting and investment.
“We have kicked ass with 507 Capital, and now I’m setting up a new entity which I’m calling 117 Partners because we will be doing advisory work, brokerage work and direct deals,” Braziel said in a direct message.