He is in love but won't commit now...

My ex I knew each other for a little over a year and dated for about eight months. Prior to getting into a relationship with him I told him that I was looking for something serious, no games at all. I am a virgin & I want to wait until I am married to have sex and he knew this from the very beginning. I got to know him for a few months before we decided to makes things official. Things were going well I met his family & they loved me. I was his first serious relationship any girl before me he was only using for sex and not really committing. Things were going well until one day he sent me a text about how he's figuring things out in his life & hes not ready for a relationship and does not want to hurt me. He said that he doesn't deserve me and I'm worth more than he can etc... Obviously I was upset & confused. Fast forward two months after the break up he calls me saying he misses me & that he know for sure that I'm the one for him but he just doesn't want to cheat on me and hurt me. He begs me to still be in his life as friends because I am the only positive thing he has in his life. I agree to be his friend because obviously I still love him. Later in the conversation I asked him how many girls he has been with after we broke up & he said one. I asked whether it was just a quick hookup or a relationship. He tells me they are dating but the way he speaks of her seems like he doesnt care and he basically just wants sex from her. At this point I'm confused as to why he's professing his love to me when he has a girlfriend. Few days later a friend of his told me that he started "talking" to the girl in question while we were together although it was at the end. Apparently the girl was coming on to him even after he told her he was in serious relationship. I also found out that he hit on one of my friends after we broke up. He doesn't know that I know this.
He keeps telling that he loves me but doesn't want to hurt me. He is confused himself & I don't know what to do.

I'm really confused I have no idea what to do. Should I remain friends with him or cut him out my life completely. Any advice or similar situation will greatly help. I'm just not sure how to deal with this especially since I am still in love with him

Note: he is 21 years old & im 19.