- 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.