According to Bloomberg, the former CEO of FTX US is building a new bitcoin software company and has already raised $5 million from different investors. Coinbase Ventures and Circle Ventures have provided funding for a new software company to be founded by Brett Harrison, who previously served as president of FTX US from May 2021 to September 2022.

Shari Glazer of Kalos Labs and Anthony Scaramucci were two of the people who joined the seed round with SALT Fund, Motivate VC, P2P Validator, and Third Kind Venture Capital.

His new company, to be known as Architect, will provide trading software for large institutions that are interested in accessing the cryptocurrency markets.

He expressed optimism to Bloomberg that “people could regain their confidence in trading this business” with the launch of Architect.

Harrison left FTX US months before the company collapsed under the shoddy guidance of Sam Bankman-Fried, who ran global cryptocurrency exchange FTX and several other companies under his purview. Harrison left FTX US because he was not happy with the direction Bankman-Fried was taking for the company.

In November, FTX US was one of about 130 companies that were part of the FTX Group that filed for bankruptcy.

1/49 Many people have asked about my tenure at FTX US and the reasons for my leaving at the time I did.

As I said earlier in the week, I’m excited to start sharing my experiences and point of view with the public.

— Brett Harrison (@BrettHarrison88) On January 14, 2023 On January 14, Harrison detailed the reasons for his departure from the cryptocurrency exchange in a lengthy discussion on Twitter.

He claimed that six months into his tenure, “cracks began to form” in his relationship with Bankman-Fried, with the former FTX CEO displaying “complete insecurity and intransigence” whenever he was faced with conflict. He claimed that this behavior occurred whenever he was put in a position of authority.

Among other alleged violations, Bankman-Fried faces eight criminal charges and can spend up to 115 years in prison for allegedly defrauding investors and violating rules regarding political finance.

On January 5, he pleaded not guilty to all charges.

As the bear market continued to wreak havoc on the cryptocurrency industry in the second half of 2022, VC funding began to dry up.

As cryptocurrency markets adjust to the new reality, the FTX failure and the subsequent ripple effects it caused appear to have added more stress to the process of raising cash.

According to Bloomberg, Harrison’s first goal for Architect was to finance between $5 and $10 million worth $100 million.