While the reputation of the FTX Exchange and all those associated with it is completely destroyed following the frauds orchestrated by Sam Bankman, its Co-founder. Brett Harrison, former president of FTX US has managed to emerge from the shadow of SBF’s evil to stand on his own two feet. He had support from the biggest crypto investors including Coinbase and Circle to raise $5 million.
Brett Harrison raises $5 million from Coinbase and Circle
The FTX storm has passed, it’s time to turn the page and move on. At least, that’s the way Brett Harrison sees it. Yes, the former FTX US director is now ready to get back on track.
In a January 20 article on Bloomberg, Brett Harrison announced that he has raised $5 million for his new crypto trading software startup. To get there, he had a little help from Coinbase and Circle.
The former president of FTX US had actually spoken about this on January 15. During his speech, he had announced his intention to make a round of financing for his new company.
This new company is called Architect. Its goal is to develop trading software to help individual and institutional investors operate in the crypto markets. According to Harrison, Architect “will allow people to regain their confidence in trading in the crypto industry.”
According to the same source, Architect is scheduled to launch in the second quarter. Unfortunately, details on the date were not revealed. However, the former FTX employee said that it will be incorporated into Coinbase Global and Circle platforms.
In addition, the company will use the funds raised from investors to recruit the new employees.
For now, the startup has an advisory board of directors. According to Harrison, this arm will soon become a formal board of directors to help bring transparency to the company.
In fact, this $6 million raise is just the beginning. The company had indeed announced that it needed $60 million to complete its project.
Brett Harrison innocent in the FTX case?
The round organized by Brett Harrison was not easy. His position as chairman and advisor in the SBF empire has cost him his reputation. In a series of tweets published on Saturday, January 15, he said that most investors had refused to invest in the project because of the FTX affair.
Recall that Brett Harrison had resigned as president of FTX US on September 27, just weeks before the company went bankrupt.
In addition to Circle Ventures and Coinbase Ventures, the Architect startup received a capital injection from Motivate Venture Capital, SALT Fund, SV Angel, P2P Validator, Third King Venture Capital, Shari Glazer and Anthony Scaramucci, the founder of Skybridge Capital.
Despite the fact that Brett Harrison jumped ship at FTX before the wreck, the question of his innocence is still on the table. Is he really clean in the SBF case? The rest of the case will tell us more.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.