Former FTX U.S President Raises $5 Million Funding For New Startup

  • The former U.S President announced the launch of his new crypto firm on Twitter.
  • Harrison said that his relationship with SBF “had reached a point of total deterioration.”

Former FTX president Brett Harrison, who left the firm in September 2022, has launched a new endeavor to entice traditional financial institutions to join the field of decentralized finance (DeFi).

After the former president of FTX US, Harrison, detailed his departure from the firm and his strained relationship with co-founder, Sam Bankman-Fried (SBF), Harrison launched a new business and raised additional funding.

Moreover, Harrison said

“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.”

Funding From Key Investors

As Harrison said, his relationship with SBF and the FTX CEO’s subordinates “had reached a point of total deterioration.” Harrison announced the launch of his new cryptocurrency firm in the course of the 49-part Twitter conversation. While tweeting on Friday, Harrison stated, “I’m very happy to announce the founding of [Architect] and the closing of our [$5 million] seed round.”

Motivate Venture Capital, SALT Fund, SV Angel, P2P Validator, Third King Venture Capital, Shari Glazer, and Anthony Scaramucci, founder of Skybridge Capital, all invested in Architect along with Circle Ventures and Coinbase Ventures. Moreover, the new CEO of FTX, John J. Ray III, recently told The Wall Street Journal that the company was looking at the potential of reviving the failed crypto exchange, and Harrison’s Architect fundraiser comes on the heels of that interview. On the other hand, U.S Authorities have seized $700 million from SBF in cash and assets.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.