Former FTX US president Brett Harrison has raised $35 million for his startup Architect Financial Technologies, as the company develops a regulated exchange applying crypto-style market design to traditional financial assets. The funding round was first reported by The Information and underscores growing investor interest in adapting digital-asset derivatives structures to broader capital markets.
The round was led by Miami International Holdings and Tioga Capital and values Architect at approximately $187 million, according to a person familiar with the matter. Architect operates AX, a global perpetual futures exchange that allows institutional investors to trade non-expiring derivatives linked to assets such as equities and foreign exchange, rather than cryptocurrencies.
AX is targeting non-US institutional traders and operates under Bermuda regulation, reflecting ongoing regulatory barriers in the United States. Perpetual futures tied to traditional assets remain unavailable to US participants, as regulators continue to evaluate the risks and market structure implications of the product.
Institutional Demand for Crypto-style Derivatives
Perpetual futures, often referred to as perps, were popularized by crypto-native exchanges as a way to offer continuous exposure without expiration dates. Their success in digital asset markets has prompted investors and market operators to explore whether similar structures can be applied to macroeconomic indicators, commodities, and other real-world assets.
Interest in this approach has grown as institutions look for more capital-efficient ways to hedge risk or express directional views. In a recent 2026 investment outlook, Coinbase Ventures identified real-world-asset perpetuals as a key area of focus, pointing to emerging demand for derivatives that provide synthetic exposure without requiring custody of the underlying assets.
However, translating crypto-market efficiency into traditional finance remains complex. Regulators have taken a cautious stance, particularly in the US, where concerns around leverage, investor protection, and market stability continue to limit approval for new derivatives structures.
Competitive and Regulatory Landscape
Architect’s strategy places it among a small but growing group of firms seeking to bridge crypto infrastructure and traditional finance. By excluding digital assets and focusing on regulated markets, AX aims to differentiate itself from crypto-native venues while appealing to global institutional traders accustomed to offshore derivatives platforms.
The choice of Bermuda as a regulatory base reflects a broader trend among derivatives exchanges seeking clearer frameworks for innovative products. Similar jurisdictions have become hubs for experimentation as firms wait for more definitive guidance from US regulators.
Harrison, who spent roughly 17 months as president of FTX US before stepping down in 2022 ahead of the broader FTX collapse, has positioned Architect as a clean break from the failures of the past cycle. Since launching the firm, he has emphasized governance, transparency, and regulatory alignment as core pillars of AX’s design.
As investors continue to assess whether crypto-style perpetuals can gain traction in traditional markets, Architect’s funding round highlights both the opportunity and the uncertainty facing the sector. The success of AX may ultimately depend on how quickly regulators and institutions converge around a shared framework for these next-generation derivatives.