Former FTX US Chief Raises $35 Million for New Exchange: Report - Unchained

Brett Harrison, former president of FTX US, has raised $35 million to launch AX, a Bermuda-regulated exchange offering perpetual futures on traditional assets like stocks and forex, according to a report from The Information.

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The funding round, led by Miami International Holdings and Tioga Capital, values Harrison’s startup “Architect Financial Technologies” at around $187 million. It follows a prior $12 million round in 2024 from backers like Coinbase Ventures.

The platform applies crypto-inspired trading mechanics like non-expiring contracts without asset custody, to target non-U.S. institutional investors amid U.S. regulatory restrictions.

Harrison served as president of FTX US for roughly 17 months before resigning in 2022, shortly before the collapse of FTX.