Today's newsletter takes a slightly different approach. Over the past year, I've shared my annoyance with several of my industry contacts about how the crypto credit crisis essentially decimated my entire coverage area: crypto market structure. When I'm not busy with recording podcasts, crafting this newsletter, or preparing delicious Italian cuisine, I fancy myself a crypto market structure beat reporter.
FTX, Genesis, Voyager, and Three Arrows have all exited the stage in this space. It's been a year of significant transformation, not only for the industry but also for me as a writer. However, it has also provided me with the opportunity to focus on emerging, smaller players. This has been truly exciting. In particular, new entrepreneurs and first-time founders stand out. They are still fueled by passion and have not yet been worn down by the challenges of running a company.
Now, I'd like to take a moment to highlight some of these fresh companies in the industry, who may one day step into the shoes of the companies that died last year. Ostium Labs: Ostium Labs, a cryptocurrency startup, has raised $3.5 million in funding with backing from investors like General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan. The company is developing a protocol for digitized commodities perpetual swaps, aiming to attract both traditional commodities traders and crypto-native traders seeking a more transparent and flexible alternative to conventional derivatives platforms.
Architect: Brett Harrison, the former president of FTX.US, secured $5 million in funding from investors including Coinbase Ventures and Circle Ventures to establish his new venture, Architect. Architect will focus on providing software trading tools for decentralized finance to cater to large investors and institutions.