CDS Startups Former FTX US Head Raises $5M for New Startup
Startups

Former FTX US Head Raises $5M for New Startup

504
Former FTX US Head Raises $5M for New Crypto Startup
Former FTX US Head Raises $5M for New Crypto Startup

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.”

Former FTX US Head Brett Harrison
Former FTX US Head Brett Harrison

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.

References

www.medium.com

www.bloomberg.com

Written by
oguz

The author is a political science and public administration student at Kocaeli University. He is also studying Management Information Systems at Anadolu University. He met Blockchain technology and Cryptocurrencies for the first time in 2019. Interested in cryptocurrencies for over 2 years. In addition he provides E-commerce and social media marketing services.

Leave a comment

Leave a Reply

Related Articles

Manhattan Court Allows Citadel’s Trade-Secret Lawsuit Against Crypto Startup Portofino to Move Forward

Manhattan Court Allows Citadel’s Trade-Secret Lawsuit Against Crypto Startup Portofino to Move...

Binance Labs Invests in Sophon: A New Era for ZKsync Elastic Chains

Binance Labs invests in Sophon, a ZKsync Layer 2 network, aiming to...

MVB Program- BNB Chain’s MVB Program Season 7 Highlights: Top Innovations in Web3

Curious about which Web3 projects are shaping the future? Discover the top...

Binance Labs Invests in Top Four Projects from BNB Chain’s MVB Season 7 Lineup

Which four standout projects from BNB Chain’s MVB Season 7 are now...