Brett Harrison's $35 Million Bet on AX: Building a Futures Exchange for Traditional Assets

Brett Harrison, the former president of FTX US, has successfully secured $35 million in funding for Architect Financial Technologies, his newly launched fintech company, in a development that signals fresh momentum in the derivatives trading sector. The funding round values the company at approximately $187 million, establishing a solid foundation for Harrison’s ambitious expansion plans in a market hungry for regulated derivative products.

From FTX Leadership to Independent Founder

Harrison’s transition from managing one of crypto’s most prominent exchanges to building his own venture marks a significant chapter in the industry. His new company, Architect Financial Technologies, represents a strategic pivot—rather than focusing on cryptocurrency derivatives, the company is specializing in perpetual futures contracts for traditional financial instruments. This shift underscores growing investor appetite for regulated, institutional-grade trading platforms that blend traditional market mechanics with modern derivative structures.

AX Exchange: Targeting Stocks and Forex Futures

The centerpiece of Brett Harrison’s operation is the AX platform, a derivatives exchange designed specifically for perpetual contracts on traditional assets, particularly stocks and forex instruments. This differentiates AX from crypto-native competitors and positions it as a bridge between institutional traders familiar with stock and currency derivatives and the sophisticated mechanics of perpetual futures trading. By sidesteping cryptocurrency derivatives entirely, Harrison avoids the regulatory complications that have plagued crypto exchanges while capturing demand from institutional players seeking advanced trading features.

The Bermuda Route: Why Institutional Investors Matter

AX operates under Bermuda’s regulatory jurisdiction, a strategic choice that reflects the current landscape of U.S. derivative restrictions. Perpetual futures products remain unapproved for retail use in the United States, which is why the exchange restricts access to non-U.S. institutional investors only. This regulatory boundary is not a limitation but rather a feature—it allows Harrison to serve the substantial market of international hedge funds, asset managers, and institutional traders while maintaining full compliance with existing financial regulations. Earlier filings indicated that Architect had already registered as an independent introducing broker, laying groundwork for potential future U.S. expansion once regulatory frameworks evolve.

The $35 million raise positions Brett Harrison’s team to execute on this vision and establish AX as a credible player in the institutional derivatives space.