Thomas Braziel, co-founder and managing partner of 507 Capital, is setting up a new entity to expand beyond buying bankruptcy claims into brokerage and advisory work in the crypto space.

Crypto has a long and steady history when it comes to bankruptcies, with 2022 proving to be something of a banner year. 507 Capital began buying Mt. Gox bankruptcy claims back in 2015 and has since worked on insolvencies and restructurings, including Cred Inc. and Quadriga through to more recent cases like 3AC, Celsuis and FTX.

The new brand, 117 Partners, will be more of a hybrid between advisory and investment, said Braziel.

“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.

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Ian Allison

Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.