Brett Harrison, former president of FTX US, raised $35 million for his startup Architect Financial Technologies, which operates AX, a perpetual futures exchange for traditional assets. The funding round was led by Miami International Holdings and Tioga Capital, valuing the company at $187 million.
AX allows institutional traders outside the U.S. to trade non-expiring derivatives linked to equities and currencies, without including crypto assets. The platform operates under Bermuda regulation, as perpetual futures on traditional assets have not yet received approval in the United States.
Demand for these products is growing, as they provide synthetic exposure to macroeconomic data, commodities, and other off-chain assets, allowing traders to hedge risks or express positions without direct custody of the underlying assets. Coinbase Ventures identified real-world-asset perpetuals as a key area of interest for 2026.
Harrison aims to bring the efficiency of crypto markets to regulated finance. AX targets international institutional traders and seeks to position itself as a bridge between crypto derivatives infrastructure and traditional markets.
Source: https://www.theinformation.com/briefings/former-ftx-head-raises-35-million-new-exchange
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