Former FTX US president Brett Harrison has managed to secure an additional $12 million in seed funding for his latest project, Architect, which offers a customized crypto trading infrastructure for institutional investors. The startup will launch a derivatives broker in the next two months.
This funding round was spearheaded by Blocktower and Tioga Capital, with significant contributions from investors such as Coinbase Ventures, ParaFi Capital, and SVAngel.
Despite his previous relationship with FTX, Harrison has navigated the funding landscape without facing significant backlash. He departed FTX before the recent uproar, with plans to leave since April 2022.
In January 2023, following revelations of FTX's mishandling of customer funds, Harrison took to X with a series of 49 detailed posts, explaining his strained relationship with former CEO Sam Bankman-Fried. He emphasized his lack of involvement in the company's illicit activities.
Shortly after, Architect announced a $5 million funding round, strengthening its momentum. Notably, six of the seven employees listed on the Architect site previously worked at FTX US.
In terms of public presentation, Harrison has taken a proactive stance towards regulators, and the Architect website notably refrained from using the term “crypto”, opting instead for the more investor-friendly term “digital assets”.
According to Axios, Architect intends to launch a brokerage platform catering to “sophisticated investors,” allowing them to engage in derivatives trading in the coming months. The company received regulatory approval to offer derivatives brokerage services in September.
Expressing his pride in the team's accomplishments, Harrison announced the latest fundraiser in an X post, stating, "I'm so proud of our team for reaching this milestone. Onward!" At the time of reporting, the Architect had not responded to a request for comment.
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