Former FTX US president Brett Harrison has raised $5 million in a seed round for his newly created crypto software platform Architect.
Investment Highlights
Architect, the platform founded by the former FTX US president, aims to create trading software that focuses on institutional investors and seeks to streamline the crypto market. The platform has been in secret development for about five months. With the seed round, Architect made its debut.
The Architect platform has launched a $5 million seed round with participation from Coinbase Ventures, Circle Ventures, SV Angel, Motivate VC, and SkyBridge Capital founder Anthony Scaramucci. The funds raised will be used to hire new team members for the platform, and the hires will be made among former FTX employees. Brett Harrison said:
“I’m grateful to our partners, who’ve shown me that they believe, above all in the resiliency of this industry. Architect is fortunate to draw upon their wide-ranging expertise, which spans all areas of the digital asset landscape as well as traditional finance and trading.”
The Investment was Lower than Expected
Last year, FTX, the centralized cryptocurrency exchange, filed for bankruptcy after a series of crises. The FTX exchange crisis affected the crypto world, and many FTX-linked companies joined the wave of bankruptcies. Brett Harrison, the founder of the Architect platform, had a lot of difficulties raising investment for the platform given its connection to FTX. Many crypto investors are still struggling with the insecurity that comes with FTX.
The initial funding expectation for the newly created platform was 100 million dollars. As a result of the FTX crisis, this expectation was first reduced to 10 million dollars. However, Architect was able to collect 5 million dollars of investment, even below its lowered expectations.
Leave a comment