Former FTX.US President Raises Capital for New Company
- Harrison worked at FTX.US from May 2021 to September 2022.
- Harrison recently claimed his association with FTX hindered his ability to raise funds.
According to a Friday Bloomberg article, Brett Harrison, the former president of FTX.US, has secured $5 million for Architect, a new cryptocurrency firm that will create trading software geared for big investors and institutions. This comes months after FTX shut down following a liquidity crisis that eroded investors’ confidence in the firm as well as the value of its token.
Surprisingly, Harrison’s new start up has managed to secure the backing of a couple of heavyweights, including the venture divisions of cryptocurrency exchange Coinbase and stablecoin issuer Circle. Financial guru Anthony Scaramucci, a former White House aide to former U.S. President Donald Trump, as well as SALT Fund, SV Angel, Third Kind Venture Capital, and Motivate Venture Capital were among the other investors in the investment round. Harrison served as the president of FTX.US between May 2021 and September 2022.
The 34-year-old is trying to move past his association with the doomed FTX. Speaking in an interview, Harrison said he hopes Architect “will allow people to get their confidence back in trading in this industry.”
Reports emerged in December that Harrison was seeking to raise $6 million at a $60 million valuation for Architect. Last week, Harrison tweeted that Architect was having trouble raising money because of his prior affiliation with FTX. However, a few of the investors that took part in the funding had personal connections to the defunct exchange.
43/49 The last few months have provided me with a valuable character study of the industry. Some treated me like an entirely different person overnight, some immediately offered sympathy and support. It will be a difficult experience to forget.
— Brett Harrison (@BrettHarrison88) January 14, 2023
Harrison recently took to Twitter to blast Bankman-Fried for his leadership of the exchange. He wrote,
It’s clear from what has been made public that the scheme was held closely by Sam and his inner circle at FTX. com and Alameda, which I was not a part of, nor were other executives at FTX.US. I understand now why they carefully concealed their criminal activity from us. We have extensive professional networks, our own lines of communication with US regulators and our own authority to speak to US media.
Bankman-Fried is accused of scamming investors and breaking campaign finance regulations, among other offenses. He is facing eight criminal accusations and a maximum sentence of 115 years in jail. He entered a not guilty plea to all charges on January 5.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
