Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors

Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors

Less than a week ago, Brett Harrison, the former president of FTX US, published a 49-part Twitter thread describing his side of the story when he worked for the disgraced co-founder of FTX, Sam Bankman-Fried (SBF). On Friday, Jan. 20, 2023, Harrison revealed that his new firm, Architect, has raised $5 million from investors such as Circle Ventures, Coinbase Ventures, and SALT Fund. Brett Harrison’s Architect Aims to Connect Institutional Investors Across Decentralized and Centralized Exchanges

Brett Harrison, the former president of FTX who left the company in Sept. 2022, has started a new venture aimed at attracting institutions to the world of decentralized finance (defi). “It’s a software company aimed at building institutional-grade infrastructure to connect various crypto venues across decentralized and centralized exchanges,” Harrison told Techcrunch reporter Jacquelyn Melinek on Friday.

Harrison’s new venture and fresh capital raise follow the former president of FTX US recounting how he left the company and his relationship with its co-founder, Sam Bankman-Fried (SBF). Harrison detailed that his relationship with SBF and the FTX CEO’s deputies “had reached a point of total deterioration.” In the 49-part Twitter thread, Harrison mentioned a new crypto startup he was working on. Harrison tweeted about the capital raise on Friday and said, “I’m very happy to announce the founding of [Architect] and the closing of our [$5 million] seed round.”

Harrison added: Architect will build institutional-grade trading technology that streamlines crypto market structure, making it easier and safer for firms and large traders to access decentralized protocols and centralized exchanges alike. Architect’s products will embody our commitment to security, self-custody, 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 Architect fundraising also follows a recent interview with FTX’s new CEO, John J. Ray III, who told The Wall Street Journal that FTX was exploring the possibility of restarting the now-defunct crypto exchange. Tags in this story $5 million, Anthony Scaramucci, Architect, Brett Harrison, Capital raise, Centralized Exchanges, Circle Ventures, Coinbase Ventures, crypto exchange, Crypto Venture, Crypto venues, decentralized exchanges, decentralized finance, defi venture Architect, Former FTX US President, ftx, FTX"s new CEO, Fund raise, Institutional-grade infrastructure, John J. Ray III, Motivate Venture Capital, SALT Fund, Sam Bankman-Fried, sbf, seed round, Skybridge Capital, SV Angel, Third King Venture Capital, Wall Street Journal

What are your thoughts on Brett Harrison’s new defi venture Architect? Share your thoughts about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. FTX Debtors" List of Assets Omits Mention of Large Stash of NFTs and ENS Names Owned by Alameda  NEWS | 3 hours ago Coindesk Up for Sale? Investors Circle Crypto News Publication Amidst Genesis Bankruptcy NEWS | 4 hours ago

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