Former FTX US President Brett Harrison Raises $35M to Launch Offshore Perpetuals Exchange
Brett Harrison, former president of FTX US, has raised $35 million to launch AX, an exchange operated by Architect Financial Technologies and regulated in Bermuda. The Series A round was led by Miami International Holdings and Tioga Capital and values the company at roughly $187 million; it follows a prior $12 million round in 2024 that included Coinbase Ventures. AX plans to offer crypto-style perpetual futures on traditional assets such as stocks and forex, using non-expiring, non-custodial contracts to avoid holding underlying assets. The platform aims at institutional and professional clients outside the U.S. to navigate U.S. regulatory constraints after Harrison’s 2022 resignation from FTX US. AX promises 24/7 continuous trading, deeper liquidity, improved price discovery and advanced leverage products. Key near-term challenges include obtaining regulatory approvals in Bermuda and other jurisdictions, ensuring robust compliance and risk controls, and managing reputational scrutiny tied to Harrison’s FTX past. For traders, AX could change market structure and liquidity if adopted by institutions, but uptake depends on regulatory sign-off and counterparty acceptance.
Neutral
The news is neutral for crypto price action. AX is a structural, product-level development rather than a protocol or token issuance, so it does not directly create new demand for any specific cryptocurrency. The launch and $35M funding signal investor confidence in applying crypto market design (perpetual futures, 24/7 trading) to traditional assets, which could broaden institutional adoption of crypto-style derivatives over time. In the short term, market impact is limited: traders should watch announcements about product rollout, counterparties, margining details and jurisdictional approvals, which will determine real liquidity and usage. In the medium-to-long term, if AX gains traction with institutions and offers deep, non-custodial perpetuals on major asset classes, it could increase flows into crypto derivatives infrastructure and related trading activity — a constructive development for derivatives venues but not inherently bullish for any single crypto token. Reputational and regulatory risks (Harrison’s FTX past, U.S. constraints) could slow adoption and limit immediate market effects.