crypto strategy

Former FTX US Chairman Seeks $6M Funding to Launch Crypto Startup

A former senior executive is reportedly seeking investors to fund the launch of a cryptocurrency startup just a month after the controversial collapse of the Sam Bankman-FTX Fried exchange and 130 affiliates, as the reported Cointelegraph.

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

More than a month before FTX collapsed, Harrison officially resigned as chairman of FTX.US on September 27. He then moved on to an advisory position. As a result, the businessman was not immediately accused of having directly participated in the theft of users’ money.

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

As required by Japanese law, FTX Japan confirmed on December 1 that user assets are separate from exchange assets. FTX Japan states that reactivating withdrawals is currently its top priority and plans to achieve this by the end of 2022, Cointelegraph further noted.

(With information from Cointelegraph)

Read also : How technology is changing as neo-banks and cryptocurrency plan to coexist

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