The Rise of Architect
Brett Harrison, the former president of FTX US, is making waves once again in the cryptocurrency landscape with the launch of his new software company, Architect. After his tenure at the now infamous FTX US between May 2021 and September 2022, Harrison managed to gather a cool $5 million from investors, proving that sometimes it pays to leave a sinking ship before it hits the iceberg.
Backing from Notable Investors
Harrison’s round of seed funding comes courtesy of several heavy hitters in the crypto world, including Coinbase Ventures and Circle Ventures. Other recognizable names like SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer from Kalos Labs, and even Anthony Scaramucci joined the party to help kickstart Architect. One can only imagine the awkward dinner conversations about FTX at these investment meetings!
What’s the Plan?
So, what’s Harrison’s grand vision for Architect? The startup aims to develop sophisticated trading software targeting large institutions eager to dive back into the crypto market. Harrison hopes that this will not only enhance trading operations but also help restore confidence in the industry. After all, confidence is key, right? Especially when dealing with something as volatile as crypto!
Reflections on FTX
Harrison’s departure from FTX US wasn’t without drama. He revealed in a gripping Twitter thread that things got rocky with Sam Bankman-Fried—a parting gift that made his exit seem wise. In his words, there were signs that “cracks began to form,” and Bankman-Fried’s “total insecurity and intransigence” with conflict made the environment toxic. We’re left wondering if he had a crystal ball or just good intuition.
The State of Crypto Venture Capital
The cryptocurrency landscape has been less than forgiving lately. The bear market’s relentless grip has left many investors running for the hills, making it tougher for startups like Architect to attract funding. According to reports, Harrison initially hoped to rake in $10 million at a $100 million valuation. But given the current state of the market, a little realism might be in order.
