Home CryptocurrencyAltcoin Former US president of FTX raised $5 million for new crypto software firm

Former US president of FTX raised $5 million for new crypto software firm

by SuperiorInvest

The former head of FTX US is launching a new cryptocurrency software company and has raised $5 million from several investors, according to Bloomberg.

Brett Harrison, who served as President of FTX US between May 2021 and September 2022, has accepted support from Coinbase Ventures and Circle Ventures to launch the new software. SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs and Anthony Scaramucci she also participated in the seed round.

His new startup, called Architect, will develop trading software for large institutions looking to access crypto markets. He told Bloomberg that he hopes Architect will “give people back confidence in doing business in this industry.”

Harrison left FTX US months before the company collapsed under the shoddy leadership of Sam Bankman-Fried, who ran global cryptocurrency exchange FTX and several other companies under its purview. FTX US was one of about 130 companies under the FTX Group file for bankruptcy in November.

In a lengthy Twitter thread on January 14, Harrison explained why he left the crypto exchange. He claimed that “cracks were starting to form in him”. relationship with Bankman-Fried six months into his tenure and that the former FTX CEO displayed “total insecurity and intransigence” whenever confronted with conflict.

Related: FTX Profited From Inflated Coins Sam Bankman-Fried: The Report

Bankman-Fried faces eight charges and up to 115 years in prison for allegedly defrauding investors and violating campaign finance laws, among other charges. January 5th he pleaded not guilty in all respects.

Crypto venture capital began to dry up in the second half of 2022 as the bear market took its toll. The collapse of FTX and its contagion seem to have created further pressure to raise capital as crypto markets reorient to the new reality. According to Bloomberg, Harrison originally aimed to raise up to $10 million for Architect at a $100 million valuation.

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