- Former head of FTX US is creating a new crypto startup and has raised $5 million
- The startup was funded by Coinbase and other investors
- It aims to restore people’s confidence in this industry’s trade.
According to report, the former head of FTX US is creating a new cryptocurrency software startup and has raised $5 million from multiple investors.
Brett Harrison, president of FTX US from May 2021 to September 2022, has obtained funding from Coinbase Ventures and Circle Ventures to build a new software company. The seed round also included SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs, and Anthony Scaramucci.
His new company, Architect, will create trading software for huge institutions seeking access to cryptocurrency markets. He told Bloomberg that he hoped Architect would restore people’s confidence in this industry’s trade.
Harrison left FTX US months before the company imploded under the incompetent leadership of Sam Bankman-Fried, who oversaw the global FTX cryptocurrency exchange and a number of other subsidiaries under its control. In November, FTX US was one of around 130 subsidiaries of FTX Group to declare bankruptcy.
In other news, the Robinhood Wallet smartphone software, which allows users to make commission-free trades in stocks, Exchange-Traded Funds (ETFs), and cryptocurrencies, has been made available for download. Robinhood is a platform that facilitates these types of trades.
Robinhood will be able to facilitate the trading of the digital currency, and it will also enable users to purchase Non-Fungible Tokens (NFTs) within its own platform. Both of these features are expected to become available in the near future.
