Summary
Brett Harrison, the former president of FTX US, has raised $12 million in seed funding for his new venture, Architect. The startup provides crypto trading infrastructure for institutional investors and is set to launch a derivatives brokerage in the next two months. The funding round was led by Blocktower and Tioga Capital, with participation from Coinbase Ventures, ParaFi Capital, and SVAngel. Despite his previous ties to FTX, Harrison has managed to avoid negative associations and has stated that he had no knowledge of the firm’s criminal activity. Architect plans to launch a brokerage for sophisticated investors and has received regulatory approval for derivatives brokerage services.
Key Points
1. Former FTX US president Brett Harrison has raised $12 million in seed funding for his latest venture, Architect, which offers crypto trading infrastructure for institutional investors. The startup is set to launch a derivatives brokerage within the next two months.
2. The funding round for Architect was led by Blocktower and Tioga Capital, with participation from investors such as Coinbase Ventures, ParaFi Capital, and SVAngel.
3. Despite his previous association with FTX, Harrison has managed to maintain credibility in the funding world. He left FTX before its fall and has stated that his departure was planned since April 2022. Harrison has also publicly addressed his strained relationship with former CEO Sam Bankman-Fried and claimed no knowledge of the firm’s criminal activity.