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SkyBridge Capital founder Anthony Scaramucci has announced that he will be investing his own personal funds into a new crypto company founded by the former president of FTX US, Brett Harrison. The new venture, which is yet to be named, will enable crypto traders to create algorithmic-based strategies to access different markets, both centralized and decentralized.
The move comes just three weeks after the collapse of crypto exchange FTX, and Harrison has been seeking a fundraising target as high as $10 million for a $100 million valuation for his new venture. Scaramucci, who is known for his bullish stance on the crypto market, announced his investment in a Jan. 14 tweet. In the tweet, he also said he was “proud” to be an investor in Harrison’s new company.
Harrison replied to the tweet, thanking Scaramucci and adding that “Your support and advice means the world to me. I can’t wait to work together!” The amount of capital deployed and stake received by Scaramucci was not disclosed.
Harrison’s new crypto venture was first hinted at on Sept. 27, when he announced that he was stepping down from his role as president of FTX US. At the time, he said he was resigning his position as president but will remain with the exchange in an advisory role for the next few months. In his most recent Twitter thread, Harrison revealed that he left the firm after his relationship with Bankman-Fried abruptly deteriorated and that the troubles led him to shift his “focus to the future and to my own company.”
Scaramucci continues to have high hopes for crypto market recovery this year, describing 2023’s market outlook as a “recovery year.” In an interview with CNBC on Jan. 15, the crypto investor said he expects Bitcoin (BTC) to rebound to the $50,000-100,000 range within 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 added.
At the time of publication, Bitcoin was currently trading at $21,240, up 21.77% over the last week.