Former FTX US Head Brett Harrison Seeks To Raise Fund For Crypto Startup
According to The Information, former FTX US president Brett Harrison is attempting to seek funds for a crypto trading software firm from significant investors.
Brett Harrison, who left the companies only about five weeks before the exchange’s public problems began, was one of FTX US’s more public-facing executives during his tenure.
While the fresh fundraising efforts were not previously revealed, Harrison did post a couple of Twitter threads in October regarding the challenges of crypto and decentralized financing, as well as what he may be working on.
According to the sources, Harrison has told at least one venture capital company that he is aiming to fund $6 million at a valuation of $60 million, but those specifics are open to change.
The company’s goal is to make it easier for professional investors to trade digital assets on centralized exchanges and decentralized protocols.
An updated breakdown of the group’s cash holdings is included in the file, submitted late Monday by Alvarez & Marsal North America LLC, the prospective financial advisor to FTX Group. It states that the most recent data have much greater cash balances than the debtors were in a position to verify as of November 16.
The Alameda silo, dotcom silo, ventures silo, and West Realm Shires (WRS) silo all have cash balances that contain both their debtor and no-debtor firms. According to the petition, $751 million is owned by debtor businesses, while the remaining $488 million is held by non-debtor entities.
FTX Japan had a cash balance of $171.7 million, while controversial trading firm Alameda Research and related firms’ cash balances total nearly $401 million, according to a Bloomberg report.
Maxine Waters, Chair of the House Financial Services Committee, also praised Bankman-Fried’s candid comments about the FTX collapse and invited him to a committee hearing on December 13.
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