Brett Harrision, the US President of
cryptocurrency exchange, FTX, on Tuesday announced that he was stepping down
from his position.
“Over the next few months, I’ll be transferring
my responsibilities and moving into an advisory role at the company,” Harrison
announced in a Twitter thread.
His resignation comes amidst the expansion
efforts of FTX US which just won the
bid to acquire bankrupt
cryptocurrency firm Voyager Digital with $1.4 billion.
Harrison noted that until he shares his next
move, he will remain busy with supporting CEO Sam Bankman-Fried and the team
with his transition and ending the year well.
He also noted that he will remain in the
industry “with the goal of removing technological barriers to full participation
in and maturation of global crypto markets, both centralized and
decentralized.”
Harrison explained, “This industry is at a
number of crossroads. The one that matters most to me, as a financial
technologist, is the intersection of the arrival of larger market participants,
and the increasing fragmentation and technological complexity of the market’s
landscape.
“The technological frictions that will occur at
that intersection, and how effectively they’re reduced, will be a critical
factor in determining the future growth and stability of crypto markets: their
liquidity, their capitalization, their resilience, their utility.”
6/ This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants, and the increasing fragmentation and technological complexity of the market’s landscape.
— Brett Harrison (@BrettHarrison88) September 27, 2022
An Industry in Distress
Harrison’s resignation comes during a period
when the cryptocurrency industry is in distress.
After the collapse of TerraUSD and Luna, the
industry saw crypto hedge fund Three Arrows
Capital and crypto lenders
Celsius and Voyager Digital file for bankruptcy.
Crypto exchanges Coinbase, BlockFi and
Crypto.com also shed off
significant portions
of their workforces.
However, FTX, which achieved a 1000% boost in its revenue in 2021, remained
strong, announcing a raft of acquisition deals including the recent plan of its venture capital arm to acquire a
30% stake in SkyBridge Capital.
Brett Harrision, the US President of
cryptocurrency exchange, FTX, on Tuesday announced that he was stepping down
from his position.
“Over the next few months, I’ll be transferring
my responsibilities and moving into an advisory role at the company,” Harrison
announced in a Twitter thread.
His resignation comes amidst the expansion
efforts of FTX US which just won the
bid to acquire bankrupt
cryptocurrency firm Voyager Digital with $1.4 billion.
Harrison noted that until he shares his next
move, he will remain busy with supporting CEO Sam Bankman-Fried and the team
with his transition and ending the year well.
He also noted that he will remain in the
industry “with the goal of removing technological barriers to full participation
in and maturation of global crypto markets, both centralized and
decentralized.”
Harrison explained, “This industry is at a
number of crossroads. The one that matters most to me, as a financial
technologist, is the intersection of the arrival of larger market participants,
and the increasing fragmentation and technological complexity of the market’s
landscape.
“The technological frictions that will occur at
that intersection, and how effectively they’re reduced, will be a critical
factor in determining the future growth and stability of crypto markets: their
liquidity, their capitalization, their resilience, their utility.”
6/ This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants, and the increasing fragmentation and technological complexity of the market’s landscape.
— Brett Harrison (@BrettHarrison88) September 27, 2022
An Industry in Distress
Harrison’s resignation comes during a period
when the cryptocurrency industry is in distress.
After the collapse of TerraUSD and Luna, the
industry saw crypto hedge fund Three Arrows
Capital and crypto lenders
Celsius and Voyager Digital file for bankruptcy.
Crypto exchanges Coinbase, BlockFi and
Crypto.com also shed off
significant portions
of their workforces.
However, FTX, which achieved a 1000% boost in its revenue in 2021, remained
strong, announcing a raft of acquisition deals including the recent plan of its venture capital arm to acquire a
30% stake in SkyBridge Capital.
