Former FTX CEO Launches Crypto Startup With $5M Investment

– Brett Harrison, the former CEO of FTX.US, raised $5 million from well-known industry investors, including Coinbase Ventures and Circle, to launch a new crypto startup called Architects.
– The startup will cater to institutional clients and provide them with access to both centralized and decentralized crypto markets.
– Most of the funding will be used for recruitment, with Harrison hoping to hire his former FTX.US colleagues.

Brett Harrison, the former CEO of FTX.US, is moving ahead with his plans to launch a new cryptocurrency startup that will service institutional investors. After securing $5 million from well-known investors including Coinbase Ventures and Circle, Harrison is ready to move forward with his vision for the startup, which he’s called Architects.

The goal of the new startup is to provide institutional clients with access to both centralized and decentralized crypto markets. Harrison hopes that this will help them regain their faith in the crypto industry. He noted that securing the funding for the venture was difficult due to the collapse of FTX and a decrease in venture funding in the crypto space.

Harrison originally sought a $6 million investment at a $60 million valuation. He did not disclose the current valuation of the company. Most of the funding will be used for recruitment, with Harrison hoping to hire his former FTX.US colleagues.

Architects‘ product is expected to launch in the second quarter of 2023, although there is no exact date set yet. Harrison is confident that the product will be „truly revolutionary,“ and that institutional investors will take full advantage of its features. He also believes that it could be a game changer for the crypto industry, as it will provide the security and trust that institutional investors require.

Harrison is excited to move forward with this new venture, and is eager to see what the future holds for Architects. He encourages anyone interested in learning more about the project to keep an eye out for further updates as the launch date draws nearer.