Coinbase and Circle funded former FTX chairman’s new cryptocurrency startup

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

Harrison has extensive experience in the development of traditional financial technology. So he introduced his new crypto startup, “Architect”. On January 20, 2023, he shared a tweet stating, “The architect will build institutional grade trading technology that will simplify the structure of the cryptocurrency market, making it easier and safer for corporations and large traders to access both decentralized protocols than to centralized exchanges”.

Architect’s products will embody their commitment to security, self-custody, 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 the big cryptocurrency market players like Coinbase Ventures, Circle Ventures.

Even after its ties to FTX, it has gained support from major cryptocurrency operators. Because he believes he got the seed funding through his long-term investor ties. And Architect may be looking to the future of Web3.

According to its official website, Architect provides traders with an adaptable infrastructure that redefines access to global digital asset markets. It is a software company that will be working on building a web3 trading infrastructure. And its products will be aimed at the B2B market. It could also undergo adoption by most traders, as Harrison said.

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

Harrison thinks that after Terra imploded in May 2022, the venture capital market returned to a more normal state. Investors in the market do their own research and take their time, which is “good 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 had been working at FTX US for seventeen months. “FTX US hasn’t seemed like the dream job for some time appearing to industry and the media.” He went on to say 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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