Former President Of FTX U.S. Raises Money For New Crypto Start-Up

Former FTX U.S. President Brett Harrison is raising money for a new cryptocurrency start-up less than a month after his previous company filed for bankruptcy.

According to multiple media reports, Harrison is seeking funding to create a cryptocurrency software company that allows people to write their own trading algorithms and access both centralized and decentralized crypto markets.

Harrison is reportedly trying to raise as much as $10 million U.S. for his new crypto venture.

Sam Bankman-Fried’s cryptocurrency exchange FTX and its U.S. arm that had been led by Harrison collapsed into bankruptcy on November 11, citing $8 billion U.S. in losses.

Bankruptcy lawyers are now searching for anything left of value at FTX. Media reports say that FTX U.S. has made $175 million U.S. available for use in the bankruptcy proceedings to help repay customers who lost the money they had with the FTX exchange.

FTX’s collapse has led to contagion across the entire cryptocurrency industry, with several other exchanges and lenders halting customer withdrawals and filing for bankruptcy in recent weeks.

Harrison stepped down as president of FTX U.S. this past September, months before the company failed.

Harrison had worked at FTX U.S. for more than a year. He previously worked with Sam Bankman-Fried at quantitative trading firm Jane Street.