Report: Former FTX President Raising Money for a New Crypto Startup

  • Brett Harrison, FTX US’s former president, is reportedly raising capital for a new cryptocurrency startup.
  • Harrison left FTX just weeks after it filed for bankruptcy due to allegations of customer funds being misappropriated. 
  • Harrison’s attempt at raising money comes as many investors become weary of diving deeper into the crypto market.

According to reports, a former high-ranking FTX executive wants to leave his employer’s implosion. 

According to a report by a, Brett Harrison, the former president of FTX, is in talks for investors to create a new crypto trading software startup. reportFrom The Information, which cited two individuals with direct knowledge.  

The Information reports that a former FTX executive is looking for investors to help raise $6million at an overall valuation $60 million. 

Harrison resigned his role at FTXUS in September, just a few days before the elections. company slid into bankruptcy. Insiders from companies like Caroline Ellison, Alameda Research CEO Caroline Ellison, and Sam Bankman-Fried, former CEO of FTX face allegations they improperly used customer funds. 

According to the report Harrison worked for traditional trading firms before joining FTX. He also worked at Jane Street, where he was once a Bankman-Fried employee. 

Harrison didn’t immediately reply to Insider’s request for comment about his new crypto venture. He resigned on November 8th, amid the collapse of FTX. tweetedHe said that he was “surprised and saddened” by the news.  

The collapse of FTX has caused shockwaves across the crypto world, causing damage to other exchanges. For example, FTX declared bankruptcy in November. Gemini paused customer withdrawals, and BlockFi filed for bankruptcy. 

Harrison’s attempt at raising money for a crypto startup comes as prominent investors become weary of getting deeper into the industry. According to Crunchbase data, crypto startups raised $5.1 trillion less in the third quarter than the first quarter. This was according to The Information. 

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