Former FTX U.S. president, Brett Harrison, has launched his new cryptocurrency startup, Architect, on Twitter.
Architect raises $5m in funding round
Harrison, who was president of FTX U.S. for some time, announced the launch of Architect and the closing of the seed round in a Twitter thread yesterday.
The firm has already raised $5m in seed funding from high-profile investors.
“Architect will build institutional-grade trading technology that streamlines crypto market structure, making it easier and safer for firms and large traders to access decentralized protocols and centralized exchanges alike.”
Participating investors include Motivate Venture Capital, SALT Fund, SV Angel, P2P Validator, Third King Venture Capital, Shari Glazer, and Anthony Scaramucci, founder of Skybridge Capital. Circle Ventures and Coinbase Ventures also invested in the new crypto startup.
Strained relationship with co-founder led to departure from FTX U.S.
Harrison’s departure from FTX in September 2022 came after a strained relationship with co-founder Sam Bankman-Fried (SBF) and his subordinates. Before departing, he said his relationship with SBF “had reached a point of total deterioration.”
Earlier this month, the former president of FTX U.S. came forward with the truth about his time working with the company’s CEO, Sam Bankman-Fried. In a lengthy Twitter thread, Harrison detailed the sequence of events that led to his decision to quit his “dream job” after only 17 months.
According to Harrison, several issues led to his departure. During his time on FTX, he was even threatened on behalf of SBF.
The relationship between the former FTX U.S. President and Sam Bankman-Fried had deteriorated over time due to disagreements about the company’s management methods.
Despite the prestige and benefits of working at FTX U.S., Harrison ultimately felt so strongly about starting his own business that he couldn’t continue in his position.