Former FTX US President Raises $5 Million for New Cryptocurrency Software Company

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Last Updated on January 21, 2023 by Bitfinsider

According to Bloomberg, the former CEO of FTX US is creating a new bitcoin software startup and has raised $5 million from numerous investors.

Brett Harrison, who served as president of FTX US from May 2021 to September 2022, has acquired funding for a new software business from Coinbase Ventures and Circle Ventures. The seed round was also attended by SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs, and Anthony Scaramucci.

His new company, Architect, will provide trading software for huge institutions eager to enter the cryptocurrency industry. He told Bloomberg that he believes Architect would “restore people’s faith in trade in this business.”

Harrison left FTX US months before the firm went bankrupt due to the poor leadership of Sam Bankman-Fried, who oversaw the worldwide FTX bitcoin exchange and numerous other companies under its umbrella.

Harrison detailed why he left the crypto exchange in a long Twitter chat on January 14. He said that six months into his term, “cracks began to emerge” in his relationship with Bankman-Fried, and that the former FTX CEO displayed “complete insecurity and stubbornness” whenever he was presented with disagreement.

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