Anthony Scaramucci, the founder of SkyBridge Capital, has announced that he will be investing in a new crypto firm founded by the former president of FTX US.
The new crypto software company will allow traders to create algorithmic strategies and access different markets.
A Sizable Investment
The SkyBridge Capital founder has outlined his intention of investing in a new firm founded by ex-FTX US. President Brett Harrison. According to reports, Scaramucci plans to invest his own personal funds into the project to support the new venture, which was announced just weeks after the collapse of FTX. Scaramucci stated,
“Anthony has been a true mentor and friend to me since I joined the crypto industry two years ago. I’m honored to have him as an investment partner and know his guidance will be invaluable as I begin this new chapter.”
However, the amount of investment made by Scaramucci, and any stake received, has yet to be disclosed. Harrison had been looking for investors to invest in his new crypto software company as he looked to raise $10 million for a $100 million valuation.
A New Crypto Software Company
Harrison’s new venture was announced barely weeks after the collapse of FTX. However, he had hinted about it on the 27th of September when he announced he was stepping down from his role as the president of FTX US. Harrison had stated that while he was resigning as the president of the exchange, he would remain in an advisory role for the next few months. He also stated,
“I can’t wait to share more about what I’m doing next.”
The new company, which does not have a name as yet, will offer crypto traders the ability to create algorithmic-based strategies and access centralized and decentralized markets. In a Twitter thread talking about his time at FTX, and the concerns around FTX founder Sam Bankman-Fried’s mental health and addiction, he thanked the new partners, stating he was looking forward to working with Scaramucci.
“I’m extremely honored to have them as partners. The path ahead of me is clear now, and I’m excited to move forward together with them.”
In response, Scaramucci stated he was proud to invest in his new firm.
“Brett, I am proud to be an investor in your new company. Go forward. Don’t look back. Wishing you the best.”
Looking Back At FTX
In a Twitter thread, Harrison looked back at his time at FTX and revealed why he decided to leave the firm. Harrison stated that he left the firm after his relationship with FTX founder Sam Bankman-Fried deteriorated, after which he decided to focus on the future and on his own company. Responding to Harrison’s series of tweets, Bankman-Fried stated,
“While I strongly disagree with much of what he said, I have no desire to get into a public argument with him, nor do I feel like it’s my place to litigate his job performance in public unless he were to authorize me to do so.”
He further went on to add that he felt bad about what happened at FTX and to its employees and wished Harrison the best.
Scaramucci Bullish On Crypto Recovery
Scaramucci is quite bullish on the prospects of a recovery of the crypto markets, describing 2023 as a “recovery year” for the market. He stated in an interview that he believed Bitcoin (BTC) could rebound back to the $50,000 to $100,000 levels over the next two to three years.
“You are taking on risk but you’re also believing in [Bitcoin] adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years.”
He also revealed that SkyBridge could buy back the 30% stake FTX had purchased in the company before going bankrupt. However, given the ongoing situation, he admitted it could take a few months.
“We’re waiting for the clearance from the bankruptcy people, the lawyers, and the investment bankers to figure out exactly what we’re going to be buying back and when.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.