Thursday, June 20, 2024

FTX.US’s Former Executive Gets Support From Coinbase and Circle Ventures.

Brett Harrison, the former president of FTX.US, has received support from Coinbase and Circle Ventures for a new project – Architect. He has managed to raise $5 million in funding in seed round.

Architect is described as a Web3 trading infrastructure, intended for the B2B market. High-volume traders can also use it. Harrison said primary clients can turn to Architect to quickly and seamlessly trade across multiple crypto platforms through a single interface. He believes the software can create one API that combines trading across Coinbase and Uniswap. Architect is looking to develop products for big names in the industry and is making trust and safety key components.

Harrison said they want to design Architect in such a way that clients can trade without having to rely on others to store or safeguard their private information, like API keys or wallet keys. FTX.US’s former executive said a decentralized solution will be important for the design. He highlighted that the crypto venture capital world is now heading back to its normal state since the Terra crash in May 2022. Harrison said there was a huge bubble.

And now investors are taking more time to vet and investigate prospective targets. Harrison regards this as a good thing for private markets. He shared that the deflation of the latest bubble made raising capital for Architect difficult. But Harrison believes Architect raised its seed funding because of his long-term connections to his investors.

All for the test.

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