Brett Harrison Launches AX Exchange for Perpetual Futures on Traditional Assets

Brett Harrison has launched AX, a new exchange focused on perpetual futures for non-crypto assets, three years after the FTX collapse. AX, by Architect Financial Technologies, offers perpetual contracts on foreign currencies, single stocks, ETFs, interest rates, metals, and energy.

The platform is based in Bermuda and regulated under the Monetary Authority’s Investment Business and Digital Asset Business Acts.
It uses technology from Connamara Technologies for matching and allows portfolio margining across asset classes.
AX supports USD and stablecoin collaterals.

According to Architect's press release, AX is targeting institutions like hedge funds and market makers, with a waitlist for individual traders. Architect is also raising Series A funding from investors such as Coinbase Ventures and Circle Ventures.

This launch follows recent trends in trading platforms, including decentralized exchanges like Hyperliquid and Aster, which focus on perpetuals similar to AX. Earlier in October, Galaxy launched a crypto trading platform to compete with Robinhood.

Brett Harrison's History With FTX

FTX filed for bankruptcy in November 2022 due to a liquidity crisis linked to misused customer funds. Brett Harrison left FTX US in September 2022, citing internal disputes and denying involvement in fraud.