Former FTX.US president raises $5 million seed round for new venture Architect

• Former FTX president Brett Harrison has announced his new project has raised $5 million from investors.
• Backers include Coinbase Ventures, Circle Ventures and SV Angel among others.
• Architect is buildig new institutional-grade trading technology.

Brett Harrison, the former FTX.US president, has raised $5 million in a seed round funding for his new crypto project for institutional investors.

The new platform is a decentralised finance (DeFi) venture dubbed Architect and has been in stealth development since last September.

Architect raises $5 million in seed round

An announcement Harrison released on Friday stated that Architect had secured the $5 million investment from some of the top venture investors within the crypto space, including Coinbase Ventures and Circle Ventures. 

Other investors to back the former FTX.US president’s startup Architect are SALT Fund, Third King Venture Capital, Motivate Venture Capital and SV Angel. SkyBridge Capital’s Antony Scaramucci has also invested in the new crypto software project.

1/ I’m very happy to announce the founding of @Architect_xyz and the closing of our $5m seed round! https://t.co/NCMdWwwbA1

– Brett Harrison (@BrettHarrison88) January 20, 2023

Architect is building trading software that aims at streamlining the crypto markets. According to Harrison, Architect will make it easier for large investors to enter and explore both centralised and decentralised crypto markets.  

“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,” Harrison tweeted.

A report by Bloomberg noted that Architect plans to hire some of the talent that worked at FTX as they eye the launch of Architect within the next few months.