Investment bank Moelis and Company announced on Monday that it is launching a dedicated blockchain advisory division to serve companies in the blockchain space and corporations that utilize blockchain technology. 

Moelis & Company, founded in 2007, is an independent investment bank serving clients including corporations, governments and financial sponsors. Moelis co-founder John Momtazee will head up the new team, dubbed the Global Blockchain Group. 

The launch of the blockchain team demonstrates the firm's commitment to providing counsel across both “established and emerging industries," Momtazee said in a statement. 

“With more than 50 unicorns and several decacorns in the sector already and nearly $20 billion of capital raised for blockchain companies last year, blockchain technology is poised to be as transformative to the global business landscape," he said.

Monday’s announcement comes following a broad crypto market rally last week after a choppy second quarter of trading — during which bitcoin registered its worst quarter of losses in 11 years. The downturn in crypto markets began in May when they were rattled by the collapse of the Terra ecosystem. Prices were further affected in June by a liquidity crisis for crypto lenders and the collapse of the Three Arrows Capital hedge fund.  

Momtazee said he is unperturbed by this volatility and that the firm sees strong long-term prospects for the application of blockchain technology.