Former FTX.US President Brett Harrison is within the strategy of launching a brand new cryptocurrency startup that will service institutional purchasers.

Based on a Bloomberg Information report, Harrison has raised $5 million from well-known trade traders, together with Coinbase Ventures and Circle.

Harrison’s new firm — dubbed Architects — will reportedly cater to institutional purchasers and supply them with entry to each centralized and decentralized crypto markets.

In an interview with Bloomberg, Harrison stated he hoped Architect would assist establishments regain their religion within the crypto trade.

Harrison stated that he had bother securing funding for the enterprise, because the collapse of FTX induced enterprise funding within the crypto area to drop as a lot as 75% within the fourth quarter of the yr. Harrison’s shut connections to FTX additionally made it troublesome to safe investments for Architects.

Earlier in January, it was reported that Harrison was searching for a $6 million funding at a $60 million valuation.

Nevertheless, the previous head of FTX.US didn’t disclose the present valuation of the corporate. A lot of the funding will likely be used for recruitment, with Harrison noting that he hoped to rent his former FTX.US colleagues.

Architect’s product is predicted to launch within the second quarter of the yr. Harrison stated that he hoped the software program the corporate is creating would ultimately be included into Coinbase’s and Circle’s platforms.

Harrison’s platform was additionally backed by SV Angel, Third Form Enterprise Capital, Encourage Enterprise Capital, in addition to Anthony Scaramucci and SALT, a fund managed by his son AJ Scarammuci.

FTX’s funding arm acquired a 30% stake in Scaramucci’s SkyBridge Capital in September 2022. Harrison declined to touch upon his talks and potential funding from different personal traders.