Former FTX US president raises $5M for new crypto software firm.

According to Bloomberg, the former head of FTX US is launching a new cryptocurrency software company and has raised $5 million from several investors.

Brett Harrison, who served as president of FTX US between May 2021 and September 2022; received Backing Coinbase Ventures and Circle Ventures to launch a new software startup. Salt Fund, Motivate VC, P2P Validator, Third Cond Venture Capital, Shari Glazer of Kalos Labs and Anthony Scaramucci Also participated in seed round.

His new startup, called Architect, will develop trading software for large institutions looking to access crypto markets. He told Bloomberg that he hopes Architect will “allow people to regain their confidence in trading in this industry.”

Harrison left FTX US months before the company collapsed under the poor leadership of Sam Bankman Freud, who headed the global FTX cryptocurrency exchange and several other companies under its purview. FTX US was one of approximately 130 companies under FTX Group Two. File for bankruptcy in November.

In a lengthy Twitter thread on January 14, Harrison explained why he left the crypto exchange. He claimed that he “started to crack” inside. Bankman’s relationship with Freud Six months into his tenure and the former FTX CEO has shown “complete insecurity and disinterest” whenever faced with controversy.

Related: FTX Profits From Sam Banksman Freud’s Inflated Coins: Report

Bankman-Fried faces eight criminal charges and up to 115 years in prison for defrauding investors and violating campaign finance laws, among other violations. On January 5 He pled not guilty. on all counts.

Crypto Venture Capital The second half of 2022 began to dry up as the bear market took its toll. The collapse of FTX and its contagion effects have put further pressure on capital gains as crypto markets adjust to the new reality. According to Bloomberg, Harrison initially aimed to raise $10 million for the architect at a $100 million price tag.