Former FTX US President Brett Harrison is developing a new trading platform to offer perpetual contracts on traditional assets such as stocks and foreign exchange.
The initiative aims to bring traditional capital market trading into a trading structure similar to crypto perpetual contracts.
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Harrison Reveals Plans for AX Exchange
Harrison announced on Wednesday that his financial infrastructure firm, Architect, plans to launch AX, the world’s first centralized and regulated exchange for perpetual futures on traditional assets.
These assets cover everything from foreign exchange to single stocks, exchange-traded funds (ETFs), stock indices, and other commodities. The initiative aims to apply the same model used in crypto perp markets to traditional assets.
The company behind AX has already received strong financial backing.
AX Receives Major Investor Backing
Bloomberg reported earlier today that Chicago-based Architect has raised $17 million in its ongoing Series A funding round. The participation of Coinbase Ventures, Circle Ventures, and Anthony Scaramucci’s SALT Fund adds institutional credibility to the AX project.
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This backing helps set Architect and AX apart from FTX US’s legacy. It also demonstrates that AX has the financial resources to develop and launch a regulated trading platform, considering such an initiative involves significant licensing, technology, and compliance costs.
Architect recently secured a license from the Bermuda Monetary Authority and plans to leverage the jurisdiction’s regulatory framework to operate AX as a compliant venue.
Altogether, these developments signal growing investor confidence in Harrison’s leadership and vision.
The Journey from FTX to AX
Before founding Architect in early 2023, Brett Harrison served as President of FTX US, where he oversaw institutional business development. He left the company in September 2022, shortly before its parent exchange collapsed, citing internal management challenges.
Before FTX US, Harrison held senior roles in traditional finance. At Citadel Securities, he was Head of Trading Systems Technology, leading the design and management of high-performance trading infrastructure.
Earlier in his career, he worked at Jane Street, a quantitative trading firm, developing trading systems and collaborating with Sam Bankman-Fried.
Source: https://beincrypto.com/ex-ftx-president-new-futures-trading-platform/
