Brett Harrison Raises $5 Million for Crypto Software Startup Architect

• Former FTX US President Brett Harrison has managed to raise $5 million from Coinbase Ventures and Circle Ventures for his new crypto software startup, Architect.
• Architect aims to make centralized and decentralized crypto markets easier to use for large investors like institutions.
• Venture funding for crypto startups in Q4 2022 dropped to a record low of $2.30 billion.

Brett Harrison, the former president of FTX US, has managed to raise a substantial amount of funding for his new venture, Architect, from notable crypto investors such as Coinbase Ventures and Circle Ventures. The move comes just days after he publicly blasted FTX founder Sam Bankman-Fried, claiming that his association with FTX had hindered his ability to raise funds.

Architect, Harrison’s new crypto software startup, aims to make centralized and decentralized crypto markets easier to use for large investors like institutions. Harrison hopes that the venture will provide an environment for people to get their confidence back in trading in the industry. The funding he has raised from investors will be primarily used for recruitment, and Architect is projected to launch in the second quarter.

The venture also has an advisory board of directors that will transition to a formal board and help create corporate transparency. Harrison hopes to create a work environment that allows people to give and to accept criticism.

Unfortunately, venture funding for crypto startups has been declining in recent months. According to a report from research firm Pitchbook, venture funding for crypto startups plummeted 75% in the last quarter of 2022, the lowest since 2020. Only $2.30 billion was invested into crypto startups in Q4 2022 while a record $26.7 billion was invested in blockchain startups in 2022, the majority of which came in the first quarter.

Despite the decline in venture funding, Harrison has successfully managed to raise funds from major crypto investors such as Coinbase Ventures and Circle Ventures. His new venture, Architect, could be the key to restoring investor confidence in the crypto space, and Harrison hopes that it will eventually be incorporated into Coinbase Global and Circle’s platforms.

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