Crypto

Coinbase and Circle Funded Former FTX Chairman’s New Crypto Startup

Brett Harrison, former president of FTX, introduced his new crypto startup. He was the chairman of the now bankrupt cryptocurrency exchange, FTX US. And in September 2022, he stepped down from his role.

Harrison has extensive expertise in the development of traditional fintech. Thus, he presented his new crypto startup, “Architect”. On January 20, 2023, he shared a tweet in which he said: “Architect will build institutional-grade trading technology that streamlines the structure of the crypto market, making it easier and more secure for enterprises and large traders to access protocols. decentralized and centralized exchanges.”

Architect’s products will embody their commitment to security, self-preservation, extensibility and open source design, Harrison added.

Harrison also announced that Architect has raised $5 million in seed funding. And his startup has received funding from major players in the crypto market such as Coinbase Ventures, Circle Ventures.

Even after his ties to the FTX, he gained support from major crypto players. As he believes he got the seed funding because of his long-term relationships with investors. And Architect may be looking to the future of Web3.

According to its official website, Architect provides merchants with an adaptable infrastructure that redefines access to global digital asset markets. This is a software company that will work to build a web3 trading infrastructure. And its products will be aimed at the B2B market. It can also be adopted by most traders, as Harrison said.

The company’s major clients will use Architect to trade quickly and seamlessly across various crypto platforms through a single interface. Harrison suggested that his crypto project could create an API that combines trading between Coinbase and Uniswap.

Harrison believes that after the Terra implosion in May 2022, the venture capital market returned to a more normal state. Investors in the market do their own investigation and take time, which is “a very good thing for the private market.”

On January 15, 2023, Harrison finally answered questions about his time at FTX US and his exit from the company.

In a very long Twitter thread, Harrison noted that he was working on FTX United States for seventeen months. “FTX US hadn’t felt like the dream job it had the industry and media for some time.” He continued that his “departure was not abrupt”.

His relationship with FTX founder Sam Bankman-Fried and his deputies had “reached a point of total deterioration.”

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