The former president of the fallen cryptocurrency exchangeFTX US has abandoned one hot market trend for another. Brett Harrison has jumped onto the artificial intelligence (AI) branch leaving the digital asset industry and opened a new company called Architect Financial Technologies.
As he stated in an interview with Bloomberg, his enterprise is ready to take advantage of the AI boom.
Architect plans to offer solutions for individual investors, integrating the recently popular ChatGPT from OpenAI. Thanks to this integration, traders will be able to gain faster and easier access to exchanges and use more complex trading strategies. As Harrison claims, his company will provide retailers with access to tools previously reserved for institutional-class traders.
“We think we can greatly lower the barrier to entry to writing those kinds of strategies by using natural language prompts,” the former FTX US president commented during an interview for Bloomberg Television.
In addition, the company announced in April that it plans to present a ‘trading algorithm generator’, which will be based on GPT-4 technology.
Apart from retail investors, Architect is also targeting institutional investors, aiming to offer solutions for asset managers and hedge funds. Architect’s tools could be used on cryptocurrency exchanges and traditional trading floors.
FTX’s Bad Reputation Follows Architect
The company managed to raise 5 million dollars in January, although the founder was hoping for at least twice that amount. As Harrison claims, the difficulty in attracting investors lay in the fact that many companies do not want to invest in a person who was the president of such a controversial exchange as FTX.
1/ I’m very happy to announce the founding of @Architect_xyz and the closing of our $5m seed round! https://t.co/NCMdWwwbA1
— Brett Harrison (@BrettHarrison88) January 20, 2023
Although Harrison was not charged with anything related to FTX US’s operations, the bankruptcy of Sam-Bankman Fried’s (SBF) exchange resonated widely across the market. The United States began to scrutinize the digital asset industry much more closely, filing lawsuits against Coinbase and Binance, the two largest crypto platforms operating in the country.
After the collapse of FTX US, Harrison’s bridges in the digital asset industry may have been burned. Therefore, he decided to abandon one market boom and try his luck in another, which has sparked the imagination of investors in recent months. AI can undoubtedly change the face of trading; the question is whether Architect will become part of this change.
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