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

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  • Brett Har­ri­son, FTX US’s for­mer pres­i­dent, is report­ed­ly rais­ing mon­ey for a new cryp­to startup.
  • Har­ri­son left FTX just weeks before it slid into bank­rupt­cy amid alle­ga­tions of mis­used cus­tomer funds. 
  • Har­rison’s attempt to raise mon­ey comes when many investors are weary of wad­ing deep­er into the cryp­to industry.

One for­mer high-rank­ing FTX exec­u­tive is report­ed­ly work­ing to move on from his past employ­er’s spec­tac­u­lar implosion. 

Brett Har­ri­son, who was pres­i­dent of FTX US, is in talks with investors for a new cryp­tocur­ren­cy trad­ing soft­ware start­up, accord­ing to a report from The Infor­ma­tion, which cit­ed two peo­ple with direct knowledge. 

The for­mer FTX exec­u­tive is seek­ing investors to help raise $6 mil­lion at an over­all val­u­a­tion of $60 mil­lion, The Infor­ma­tion reports. 

Har­ri­son left his role at FTX US in Sep­tem­ber, just a few weeks before the com­pa­ny slid into bank­rupt­cy. Com­pa­ny insid­ers like for­mer FTX CEO Sam Bankman-Fried and Alame­da Research CEO Car­o­line Elli­son face alle­ga­tions they improp­er­ly used cus­tomer funds. 

Before work­ing at FTX, Har­ri­son worked at tra­di­tion­al trad­ing firms, includ­ing Jane Street, where he once worked with Bankman-Fried, accord­ing to the report. 

Har­ri­son did­n’t imme­di­ate­ly respond to Insid­er’s request for com­ment on his new cryp­to ven­ture. On Novem­ber 8, amid FTX’s col­lapse, he tweet­ed that he “was sur­prised and sad­dened” by the news. 

FTX’s bank­rupt­cy has sent shock­waves through the world of cryp­tocur­ren­cy, dam­ag­ing oth­er cryp­to exchanges. For exam­ple, since FTX declared bank­rupt­cy in ear­ly Novem­ber, Gem­i­ni paused cus­tomer with­drawals, and Block­Fi filed for bankruptcy. 

Har­rison’s attempt to raise mon­ey for a cryp­to start­up comes when many promi­nent investors have grown weary of wad­ing deep­er into the indus­try. Cryp­to star­tups raised $5.1 bil­lion less in the third quar­ter of this year com­pared to the first quar­ter, accord­ing to data from Crunch­base ana­lyzed by The Information. 



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