Former FTX US President Aims To Raise $6M For New Firm
- Former President of FTX US, Brett Harrison, is seeking to raise $6 million for his new crypto startup.
- A report confirms that the funding round would be against a valuation of $60 million.
- The new startup will build a crypto trading software for big investors.
- Harrison stepped down as the President of the bankrupt exchange on Sept. 27 and moved to an advisory role.
Former President of the US arm of the disgraced crypto exchange FTX, Brett Harrison, confirmed that for his next venture, he is building a crypto trading software for big investors, and for that, he is seeking to raise close to $6 million. This announcement comes just a month after the Sam Bankman-Fried-led exchange filed for bankruptcy.
According to The Information, Brett Harrison, stated that the funding round would be against a valuation of $60 million and the former high-ranking executive is allegedly seeking out investors to launch his crypto startup. Meanwhile, Harrison is yet to confirm who will fund him with $6 million for his new journey and if there are potential investors considering to invest.
It is crucial to note that Harrison announced that he will step down as the President of FTX US on Sept. 27 and therefore, he has not been accused of anything related to the bankruptcy of the US arm of the exchange. However, he moved to an advisory role at the exchange and therefore, he hasn’t come under the regulatory crosshairs for mismanagement of customers’ funds.
FTX US’ former President stated that he was “surprised and saddened” after hearing about the collapse of the exchange and its bankruptcy filing.
“I very much hope for an outcome that mitigates the impact on all those affected, and I’m grateful to everyone who is stepping up and continuing to build a stronger industry for us all,” he stated in a Nov. 9 Twitter post.
Notably, the implosion of the SBF-led exchange has been one of the most talked-about items in the financial industry because during the peak of its popularity, it was worth $32 billion but is now bankrupt. Interestingly, the net worth of SBF, who was worth more than $26 billion, has also crashed considerably. In a recent report, he stated that he is down to his last $100,000.
FTX Japan To Unfreeze Withdrawals
While the funds belonging to the customers of FTX US and the global exchange remain freeze with the exchange, the Japanese arm of the exchange has confirmed that it will soon unfreeze withdrawals. As per a previous report, the withdrawals, which were paused on Nov. 8, will be resumed very soon.
FTX Japan confirmed that it has put together “a basic plan for resuming withdrawal and delivery services” for its customers and the work on this “master plan” has already been initiated by the engineering team which is “doing the necessary work.”