Former FTX President Launches New Cryptocurrency Venture, Raises Over $5M From Investors

Less than a week ago, Brett Harrison, the former president of FTX US, posted a 49-part Twitter thread describing his side of the story when he worked for FTX co-founder Sam Bankman-Fried (SBF). On Friday, January 20, 2023, Harrison revealed that his new venture, Architect, had raised $5 million from investors including Circle Ventures, Coinbase Ventures and SALT Fund.

Architected by Brett Harrison, it aims to connect institutional investors through decentralized and centralized exchanges.

Brett Harrison the former president of FTX, who left the company in September 2022, started a health research project. This new venture aimed to attract institutions to the world of decentralized finance (defi). “It is a software company that aims to build institutional infrastructure to connect different cryptocurrency sites through decentralized and centralized exchanges “says Harrison, he told Techcrunch reporter Jacquelyn Melinek on Friday.

Harrison’s new venture and new fundraiser follows the former FTX US president’s account of how he left the company and his relationship with co-founder Sam Bankman-Fried (SBF). Harrison explained that his relationship with SBF and FTX’s CEO deputies “had reached a point of total deterioration“. In the 49-part Twitter thread, Harrison mentioned a new crypto startup he was working on. Brett Harrison tweeted at about the fundraiser on Friday and said:

Brett Harrison added:

Architect will build institutional trading technology that streamlines the structure of the crypto market, making it easier and safer for companies and large traders to access decentralized protocols and centralized exchanges. Architect’s products will embody our commitment to security, self-sustainability, extensibility and open source design.

In addition to Circle Ventures and Coinbase Ventures, Architect received a capital injection from Motivate Venture Capital, SALT Fund, SV Angel, P2P Validator, Third King Venture Capital, Shari Glazer and Anthony Scaramucci, the founder of Skybridge Capital. Harrison’s fundraising for Architect also follows a recent interview with new FTX CEO John J. Ray III, who told The Wall Street Journal that FTX is exploring the possibility of relaunching the cryptocurrency exchange today.

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