Brett Harrison Raised $5 Million From Coinbase, Circle For New Crypto Company
- Former FTX.US President Brett Harrison has secured $5 million from investors, including Coinbase Ventures and Circle Ventures, for a new crypto software business.
- Architect will develop trading software to make both centralized and decentralized cryptocurrency markets more accessible to institutional investors and huge investors.
Former FTX.US CEO Brett Harrison raised $5 million from well-known investors to create Architect, a new cryptocurrency firm.
Anthony Scaramucci, who previously invested in Harrison’s old company, FTX, is one of the other investors in the round. The new company also has the support of SV Angel, Third King Venture Capital, and Motivate Venture Capital.
According to reports, Architect will serve institutional customers and provide them access to both the controlled and decentralized cryptocurrency markets. Harrison expressed his hope that Architect will help institutions restore their confidence in the cryptocurrency business in an interview with Bloomberg.
Harrison claimed that he had difficulty raising money for the project because, in the fourth quarter of 2018, the collapse of FTX led to a 75% decline in venture capital financing in the cryptocurrency sector. Harrison’s tight ties to FTX made it challenging for Architect to obtain funding.
The company will develop institutional-grade trading technology that simplifies the crypto market structure, making it easier and safer for corporations and large traders to use both centralized exchanges and decentralized protocols, the former CEO of FTX.US said in a Twitter thread.
Harrison reportedly wanted a $6 million investment at a $60 million value earlier in January. Harrison mentioned that he planned to hire his former FTX.US coworkers and that the majority of the funds would be utilized for hiring.
The product from Architect is anticipated to be on sale in the second quarter of the year. Harrison expressed his hope that Coinbase’s and Circle’s platforms will someday use the technologies the business is creating.
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