Circle and Coinbase Back FTX US Ex-Boss’ New Blockchain Venture
Brett Harrison, FTX US ex-President, is planning to develop a new project for crypto traders. Despite his connections to the fallen exchange, Harrison has still managed to land support from key crypto players.
Harrison’s new venture, dubbed ‘Architect,’ has just raised over $4.9 million in a funding round led by Circle Ventures, Coinbase Venture, and Anthony Scaramucci, who previously served as White House press secretary under Trump’s administration.
What’s Architect?
According to Harrison, Architect is a software firm developing Web3 trading infrastructure. The founder says that the trading platform’s products are currently mainly designed for the B2B market. However, high-volume traders will be accommodated in the future.
The architect platform will help users to seamlessly and quickly trade across several crypto exchanges via a single interface. For example, Harrison suggested how the firm might develop an API that combines trading across Uniswap and Coinbase.
As Harrison seeks to build a platform for the major players in the crypto industry, he has made safety and trust key components. The Architect’s founder says his team will design a platform that gives clients total control over their access to private information like wallet and exchange API keys.
Harrison Says Terra’s Collapse was an Eye-Opener for Venture Capitalists
Harrison believes that following the Terra implosion last May, crypto venture capitalists are now more cautious when investing. Currently, investors conduct a thorough analysis of a project’s prospects, which Harrison thinks is a good thing.
For this reason, the Architect’s Founder said that raising capital for his project was hectic. However, he is convinced that Architect managed to raise the seed capital due to his long-term healthy relationships with the investors.
Crypto Twitter Express Concerns Over Harrison’s Past Role at FTX
A part of crypto Twitter has shown concerns about the Architect founder’s past, pointing to his role at FTX US. Harrison stepped down from his position in September 2022. At that time, he claimed that his relationship with Sam Bankman-Fried, FTX’s founder, had reached a breaking point.
Harrison said the relationship broke following disagreements over management practices at the company. While FTX filed for Bankruptcy protection two months after his departure, Harrison claimed he had expressed a solid desire to leave the firm much earlier.
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