The previous head of FTX United States is introducing a new cryptocurrency software business and has actually raised $5 million from a number of financiers, according to Bloomberg.

Brett Harrison, who served as president of FTX US between May 2021 and September 2022, has received backing from Coinbase Ventures and Circle Ventures to release a new software application startup. SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs and Anthony Scaramucci also participated in the seed round.

His new start-up, called Architect, will establish trading software application for large institutions looking to gain access to crypto markets. He informed Bloomberg that he hopes Architect “will permit people to get their self-confidence back in trading in this industry.”

Harrison left FTX US months before the company collapsed under the inferior assistance of Sam Bankman-Fried, who headed the worldwide FTX cryptocurrency exchange and several other business under its province. FTX US was one of the roughly 130 business under FTX Group to file for bankruptcy in November.1/ 49

In a prolonged Twitter thread on Jan. 14, Harrison discussed why he departed the crypto exchange. He claimed that “cracks started to form” in his relationship with Bankman-Fried six months into his tenure which the former FTX CEO exhibited “overall insecurity and intransigence” anytime he was challenged with conflict.

Related: FTX profited from Sam Bankman-Fried’s inflated coins: Report

Bankman-Fried faces eight criminal charges and as much as 115 years in jail for supposedly defrauding financiers and violating campaign financing laws, among other violations. On Jan. 5, he pled innocent on all counts.

Crypto equity capital began to dry up in the 2nd half of 2022 as the bearishness took its toll. The collapse of FTX and its contagion results appear to have put further pressure on capital raises as crypto markets reorient to the brand-new reality. According to Bloomberg, Harrison at first intended to raise as much as $10 million for Architect at a $100 million evaluation.