FTX US former-president seeks $6M funding to launch crypto startup | The Financial Express

FTX US former-president seeks $6M funding to launch crypto startup

According to The Information, Brett Harrison, the former president of FTX US, is seeking $6 million in funding to establish a startup that will create cryptocurrency trading software for large investors.

FTX US former-president seeks $6M funding to launch crypto startup
Over a month before the collapse of FTX, Harrison made his resignation as president of FTX.US official on September 27.

A former senior executive is reportedly looking for investors to fund the launch of a cryptocurrency startup just one month after the contentious collapse of Sam Bankman-FTX Fried’s exchange and 130 affiliated companies, as reported by Cointelegraph.

According to The Information, Brett Harrison, the former president of FTX US, is seeking $6 million in funding to establish a startup that will create cryptocurrency trading software for large investors. A $60 million valuation would be used for Harrison’s funding round.

Over a month before the collapse of FTX, Harrison made his resignation as president of FTX.US official on September 27. He then transitioned into an advisory position. As a result, the businessman was not immediately charged with having a direct hand in the theft of users’ money.

One of the 134 businesses involved in FTX’s bankruptcy proceedings, FTX Japan, has been developing a strategy to return client funds.

As required by Japanese law, FTX Japan confirmed on December 1 that the user assets were separate from the exchange’s assets. FTX Japan states that re-enabling withdrawals is currently its main priority and that it plans to accomplish this by the end of 2022, Cointelegraph further noted.

(With insights from Cointelegraph)

Also Read: How is technology changing as neo-banks and cryptocurrency plan to co-exist

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 04-12-2022 at 12:41 IST