Brett Harrison, prominently known as the former head of the FTX US exchange has made an announcement pertaining to raising a huge fund.
As per his communication, he has successfully raised $5 million through a funding round, backed by several investors.
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $88,387.00 | -0.96% |
 Ethereum(ETH) | $3,037.72 | -2.71% |
 Dogecoin(DOGE) | $0.358109 | -8.64% |
 Cardano(ADA) | $0.66 | 19.82% |
 Polygon(MATIC) | $0.366554 | 0.20% |
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According to Harrison, the funds will be used towards the development and launch of a new cryptocurrency software company.
Prominent Backers Contributing to $5 Million Funds
Brett Harrison has thanked all of the investors for their contribution and for trusting in his vision. He was part of the FTX US as its president from the year 2021 to 2022.
It was in May 2021 that he took up the role of being the exchange’s president and served until September 2022.
Harrison has thanked all major investors such as Circle Ventures and Coinbase Ventures for contributing tremendously. He has also thanked them for leading the funding round.
He is confident that the investments will go a long way in achieving his goal of launching a software-based company in the crypto industry.
Other honorable investors included Anthony Scaramucci, Kalos Labs’ Shar Glazer, Third Kind Venture Capital, P2P Validator, Motivate VC, and SALT Fund.
It was the first-ever seed funding round for the new venture and it has reportedly brought in $5 million from these many investors.
The New Software Company
Harrison had not shared much information about the kind of company he had in mind pertaining to the crypto industry.
He revealed during the funding round exactly what he plans to launch and how he hopes it will become one of the most demanded projects in the market.
He confirmed that the name of the new project is going to be “Architect”. The purpose of the project is going to act as a development tool for trading software.
Large institutions wanting to gain access to the cryptocurrency markets and other aspects of the crypto industry will be able to make use of the software.
They will be able to offer the products and services built through Architect to their users and clients. This way, the exposure and the adoption level of the cryptocurrency industry will surge tremendously.
Why is there a Need for an Architect?
Due to the market crashes in recent years, many investors have lost their trust in the cryptocurrency industry.
They are not ready to admit that the cryptocurrency industry is mainly secure and safe to interact with. Therefore, they do not want to interact with the industry anymore.
As for the investors who do intend to come back to the crypto trading sector, they want assurances and security. This is where the institutions come in that can provide them with such assurances and support.
If the investors get to trade through the institutions that they highly trust, then it would be a game changer for the entire industry.
The investors would start coming back to the sector and the adoption level of the industry would rise significantly.
Investors are Trusting Harrison
Brett Harrison has no such link with the FTX crash because he had nothing to do with it. He had left FTX US back in September while Sam Bankman-Fried ruined it for everyone through the FTX exchange in November.
The reason why Harrison departed from FTX was that his way of working and vision was not in line with other executives at FTX.
Just when the FTX exchange lost its reputation in November, Harrison teased his new software company for the first time.
His vision and idea have been realized by many from within and outside of the cryptocurrency industry. This is the reason why people such as Scaramucci, a highly decorated businessman and an investor are supporting Harrison.
With the company raising $5 million, Harrison is looking to raise $5 million more to reach the targeted $100 million valuation for Architect.
