tl;dr
Brett Harrison, former FTX US president, launched AX Exchange, the first regulated perpetual futures platform for traditional assets like stocks and forex. Backed by $17M from Coinbase Ventures and others, the exchange leverages Bermuda's regulatory framework to combine crypto-like trading with trad...
**Brett Harrison Launches AX Exchange: A New Era for Traditional Assets in Perpetual Trading**
Brett Harrison, the former president of FTX US, is making waves in the financial industry with a bold new venture: AX Exchange. This innovative platform aims to bridge the gap between traditional capital markets and the dynamic world of cryptocurrency by offering perpetual contracts on conventional assets such as stocks, foreign exchange (forex), exchange-traded funds (ETFs), and commodities.
**A Vision Combining Crypto Efficiency with Traditional Security**
Harrison unveiled AX Exchange on Wednesday, positioning it as the world’s first centralized and regulated exchange for perpetual futures on traditional assets. The initiative seeks to replicate the liquidity and flexibility of crypto perpetual contracts while adhering to the stringent oversight of traditional financial markets.
“We designed AX with the goal of combining the capital efficiency and operational simplicity of crypto perps with the security, transparency, and regulatory oversight of traditional futures exchanges,” Harrison stated on X. The platform will incorporate features like price bands, volatility halts, default waterfalls, and product-specific margin requirements to ensure stability and risk management.
**Strong Financial Backing and Regulatory Footing**
AX has already attracted significant investor interest. Bloomberg reported that Harrison’s financial infrastructure firm, Architect, secured $17 million in its Series A funding round. Key backers include Coinbase Ventures, Circle Ventures, and Anthony Scaramucci’s SALT Fund, lending the project institutional credibility.
This financial support underscores AX’s potential to navigate the complex costs of building a regulated trading platform, including licensing, technology development, and compliance. Architect has also obtained a license from the Bermuda Monetary Authority, leveraging the jurisdiction’s forward-thinking regulatory framework to operate AX as a compliant and secure venue.
**From FTX to AX: A Second Act**
Harrison’s journey to AX follows his exit from FTX US in September 2022, just before the collapse of the FTX empire. He cited internal management challenges as the reason for his departure, though the fallout from FTX’s demise cast a long shadow over his career.
Before joining FTX, Harrison built a robust resume in traditional finance. At Citadel Securities, he led the development of high-performance trading infrastructure, and earlier in his career, he worked at Jane Street, a quantitative trading firm, where he collaborated with Sam Bankman-Fried, FTX’s founder.
**A New Chapter for Traditional Markets**
AX Exchange represents a strategic move to capitalize on the growing demand for hybrid financial products. By adapting the mechanics of crypto perpetuals—such as 24/7 trading and leveraged positions—to traditional assets, Harrison aims to appeal to both institutional and retail traders seeking greater flexibility.
The project also signals renewed confidence in Harrison’s leadership. Despite the stigma of FTX’s collapse, his ability to secure major funding and regulatory approval highlights his vision and resilience.
As AX prepares for its launch, the financial world will be watching closely. If successful, it could redefine how traditional assets are traded, merging the best of crypto innovation with the stability of legacy markets. For Harrison, this is not just a comeback—it’s a mission to reshape the future of finance.