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 Fr...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 ExchangesBrett 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.
What are your thoughts on Brett Harrison’s new defi venture Architect? Share your thoughts about this subject in the comments section below.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
President Trump to Highlight Crackdown on Overseas Crypto Scams
Bitcoin Magazine President Trump to Highlight Crackdown on Overseas Crypto Scams President Donald Trump will use a White House eve...
Louisiana state pension raises Strategy stake to $3.52 million
LASERS' increased stake in Strategy Inc. highlights the growing trend of institutional investors seeking indirect Bitcoin exposure...
Coinbase’s Tokenized Stocks Are Seeing About $20 Million a Week, According to John D’Agostino
John D’Agostino said on Bits + Bips that Coinbase is seeing “roughly $20 million a week” in its tokenized stocks business, a numbe...
Dolomite adds $100 million in Concrete’s Bitcoin-backed collateral
Dolomite's integration of BTCcx highlights a shift towards regulated custody in DeFi, balancing institutional demand for yield wit...
Kalshi Pushes Deeper Into Crypto Derivatives With Bitcoin-Backed Margin Loans
Bitcoin Magazine Kalshi Pushes Deeper Into Crypto Derivatives With Bitcoin-Backed Margin Loans Kalshi is doubling down on its bid...
Bitcoin Price Cracks $84K as $188 Million in Crypto Shorts Get Wiped Out
Bitcoin’s price punched through $84,000 on Wednesday, catching bearish traders off guard and helping wipe out $188 million in shor...