Wall Street’s Wedbush Loses Bitcoin Pioneer to Blockchain Startup
Sheri Kaiserman is something of a celebrity figure on Wall Street: She was the one who approved the first ever Bitcoin bank report in 2013 while in her position of head of equities at investment bankers Wedbush Securities Inc.
Staking a Real Claim in the World of Crypto
Kaiserman’s call on publishing the report was controversial at the time, coming as it did from Wall Street’s stiff, formal sector. It has to be acknowledged, however, that those who took her lead as she depicted the huge gains possible from bitcoin in the short term have collected around 600 percent profit.
Not only was Kaiserman way ahead of others in the banking and investment sector in her appraisal of the virtual currency’s potential, she still sees a glowing future for blockchain, notwithstanding the highs and lows of cryptocurrencies. Since the initial report, the investment banker has poured ahead with her predictions.
Kaiser has left Wedbush after 18 years service and founded Maco.la Management, an investment fund, and consultancy heavily focused on blockchain in all of its potential. On March 20, 2018, the Los Angeles outfit reported that it had already raised $6 million of a projected $40 million target.
Maco.la is a trendsetter in more ways than one, according to Kaiserman, as she pointed to the fact that two of the five co-founders are women, something still unusual in the fintech arena.
The business idea behind Maco.la has the primary focus of assisting startups to conceptualize, design and build apps based on blockchain technology. Principally, the firm is working to make sure that there is sufficient development at the crucial early stages to roll out genuine services and products.
Ron Reed, Maco.la’s CEO, encapsulated the business focus on blockchain technology when he said:
“As a nascent industry, there is a lack of capital, viable technologies, and talent.”
Atypical among her peers and her industry, which has a noticeably cautious stance towards the most visible aspect of blockchain technology, cryptocurrencies, what Kaiserman first saw in blockchain was according to her “the fact that there was now a way to cut out intermediaries.”
Fast Forward to a Brave New World
Wall Street firms weren’t alone in 2013 in largely ignoring virtual currency as a phenomenon. Regulators, too, were largely untroubled over what they viewed as a novel flash in the pan.
In 2018, Kaiserman is happy that lawmakers have been forced to both delineate blockchain technology from digital coins as well as define a distinct approach to both.
“While regulation is spooking everybody,” she said, “it will create validation for the space.” In America, at least, the regulatory authorities are “not being impulsive,” in spite of recent onerous noises from various quarters.
The U.S. Securities and Exchange Commission (SEC) has indicated that it will adopt the view of digital assets as securities, which means they’ll be restricted to trading on SEC-approved markets.
As such, Maco.la is sporting the currently accepted, sensible approach by serious blockchain and digital coin enthusiasts: Kaiserman has retained a securities lawyer to ensure there’s no falling foul of legislation as it unfolds.