Scaramucci is backing a new cryptocurrency project by FTX exec
Despite facing huge losses from the fall of FTX, Anthony Scaramucci, founder of SkyBridge Capital, invests in a new crypto software company set up by a former FTX executive, and sees potential in the future of the cryptocurrency industry.
SkyBridge Capital founder Anthony Scaramucci has invested in a new cryptocurrency software company founded by former FTX head Brett Harrison. Scaramucci confirmed the investment on Twitter, saying he was “proud” to be part of the new venture and encouraged Harrison to move forward.
Scaramucci sees a bright future for cryptocurrency
The company aims to build software for cryptocurrency traders to write trading algorithms. However, Scaramucci did not disclose his investment amount.
FTX, the now-defunct cryptocurrency exchange, faced bankruptcy and its founder, Sam Bankman-Fried, was charged with fraud in November 2022. Scaramucci himself faced significant losses as a result of his investment in the company.
Despite his negative experience with FTX, Scaramucci has expressed support for Harrison, describing him as a talented person of integrity who was not involved in the criminal activity that led to FTX’s downfall.
Scaramucci’s involvement with FTX and its alumni and the general negative sentiment towards cryptocurrencies in recent months highlight the need for regulators to understand blockchain technology and find ways to regulate activity in the space without stifling innovation.
Scaramucci remains optimistic about the future of cryptocurrency and believes that only high-quality projects and people will survive in the industry in the next 12-18 months.