Former FTX US President makes a comeback, raises $35 million to bet on the new track of "TradFi Perpetual Contracts"

Local time December 23, fintech company Architect Financial Technologies founded by former FTX US President Brett Harrison announced the completion of a $35 million Series A funding round, with the company’s valuation reaching up to $187 million. The round was led by MIAX and Tioga Capital, with participation from well-known institutions such as ARK Invest, Galaxy Ventures, and others. Architect’s core product, AX, is the world’s first regulated perpetual futures exchange focused on TradFi assets (such as forex, interest rates, individual stocks). Against the backdrop of a generally weak crypto market, this financing highlights strong investor confidence in compliant financial infrastructure and the trend of integrating TradFi with crypto technology.

Contrarian Financing: Why is Architect Gaining Favor in a Bear Market?

In the current environment of a prolonged crypto winter and tightening risk capital, a $35 million Series A round is undoubtedly a shockwave. More notably, the recipient of this funding is not a popular Layer 1 blockchain or social protocol, but a fintech company dedicated to bringing crypto market trading models into the TradFi space—Architect Financial Technologies. Founded by former FTX US President Brett Harrison, the financing was jointly led by traditional exchange giant MIAX and crypto venture capital Tioga Capital, with a prestigious lineup of investors. The underlying investment logic warrants deep exploration.

Architect’s ability to attract capital against the trend primarily lies in its precise market positioning and unique business model. It is not another crypto exchange trying to copy Binance or Coinbase, but a B2B financial infrastructure provider. Its target clients are hedge funds, asset managers, family offices, and other institutional players seeking efficiency transformation. These institutions generally face a common problem: long settlement cycles and fragmented systems in TradFi markets, while crypto markets, though efficient, are limited by regulatory uncertainty and asset class restrictions, making large-scale capital flow difficult. Architect’s emergence precisely targets this market gap.

The company’s core vision is to “bridge centralized and decentralized digital asset markets,” but its entry point is exceptionally clever. Instead of directly issuing tokens or competing in public blockchains, it offers a full-stack technology platform covering brokerage, trading technology, and post-trade processing, helping financial institutions seamlessly handle stocks, ETFs, futures, options, and even digital assets. This tech-service-oriented, non-speculative profit model decouples its business growth from short-term crypto price fluctuations, demonstrating greater resilience and sustainability in bear markets—traits highly valued by cautious institutional investors in the current environment.

Architect Funding History and Business Milestones

• January 2023: Company founded by Brett Harrison.
• February 2023: Completed $5 million seed round, with Coinbase Ventures and others participating.
• February 2024: Completed $12 million funding, led by BlockTower and Tioga Capital.
• September 2024: Approved by the U.S. National Futures Association, registered as an independent introducing broker.
• November 2025: Core product AX exchange officially launched.
• December 2025: Completed $35 million Series A funding, post-money valuation of $187 million, led by MIAX and Tioga Capital.

Core Product AX: Bringing “Regulatory-Compliant” Crypto Perpetual Contracts into TradFi

If Architect’s platform is the infrastructure of its grand blueprint, then its flagship product, the AX exchange, is the “spear” aimed at breaking down efficiency barriers in the TradFi market. AX claims to be the world’s first regulated centralized exchange focused on TradFi assets for perpetual futures. This description contains two revolutionary elements: first, the “perpetual futures” product form originating from crypto markets; second, its underlying assets are entirely traditional assets.

Perpetual contracts have become mainstream in crypto trading, allowing traders to hold positions without expiration dates, anchored by funding rate mechanisms to keep spot prices in line. However, under strict regulation by the SEC and CFTC in the US, crypto perpetual contracts for retail traders have faced significant pressure. AX cleverly sidesteps this regulatory minefield by replacing Bitcoin and Ethereum with forex, interest rates, stocks, indices, metals, and commodities as underlying assets. This means traders can trade familiar traditional assets on a regulated platform with low margin, 24/7 trading hours, and flexible leverage, enjoying an experience once exclusive to crypto.

The operating entity, Architect Bermuda Ltd., is regulated by the Bermuda Monetary Authority, providing a clear and respected regulatory framework for institutional clients. The exchange offers web-based platforms and low-latency API access, emphasizing robust risk management and reliable clearing, aiming to combine the speed and flexibility of crypto perpetual contracts with the risk controls and transparency of traditional futures markets. Currently, AX is only open to qualified institutional users in specific jurisdictions, including hedge funds, market makers, insurance companies, while retail investors must wait. This institutional-first approach aligns with regulatory requirements and facilitates trust-building with initial key clients.

The potential market for this innovative product is vast. It not only provides a new trading venue but also represents a “dimensionality reduction” of traditional derivatives trading processes. By integrating complex TradFi assets into efficient crypto trading engines, AX could significantly reduce institutional trading costs, improve capital efficiency, and spawn new arbitrage and risk management strategies. This is one of the most practically feasible directions amid the wave of TradFi and DeFi integration.

Founders’ Aura: From Jane Street to FTX and Rebuilding from the Ruins

The success of any startup depends heavily on visionary leadership and execution, and Architect is no exception. Its founder and CEO, Brett Harrison, has a background tailored for founding such a company. Harrison holds a bachelor’s and master’s degree in computer science from Harvard University. He started his career at top quantitative trading firm Jane Street, serving over ten years as head of trading systems technology. This experience gave him deep insight into high-performance, low-latency trading systems, algorithm execution, and risk management—core capabilities for building modern financial infrastructure.

In 2021, Harrison joined the rising FTX US as President, responsible for US market expansion. He led platform upgrades and product innovation, pushing FTX toward institutionalization. However, just months before FTX’s collapse, Harrison left in early 2022 due to disagreements with management over “authorization and governance structures.” This timely departure not only spared him from the subsequent legal and ethical turmoil but also preserved a “clean” reputation. Looking back, this was arguably one of his most foresightful decisions.

FTX’s painful collapse became a valuable asset for Harrison’s second entrepreneurial venture. Having witnessed firsthand how a lack of proper governance, risk controls, and compliance can lead to destruction, he prioritized compliance and regulation in founding Architect. The company quickly obtained broker-dealer and derivatives licenses in the US, and its core exchange AX chose to operate in Bermuda, a mature offshore financial regulatory hub. Harrison combines his TradFi rigor with crypto experience to create a new type of institution that offers crypto efficiency with TradFi credibility and stability. Investors value his cross-world perspective and “rebuilding from the ruins” experience.

Market Signal: Why Are “Traditional Asset Perpetual Contracts” the New Trend?

Architect’s successful fundraising is no coincidence; it points to several key trends in global fintech innovation. First, the “crypto narrative” has shifted after multiple cycles of bull and bear markets and regulatory scrutiny, with mainstream capital increasingly favoring projects that address real-world financial pain points, with clear compliance paths and sustainable business models. Applying proven crypto innovations (like perpetual contracts) to the trillions-of-dollars TradFi market offers more potential than competing within the crypto-native space.

Second, macroeconomic conditions are creating opportunities for platforms like Architect. Currently, traditional safe-haven assets like gold and silver are soaring, US stocks hit new highs, and market volatility and demand for efficient risk management tools are rising. A perpetual contract platform offering 24/7 trading, flexible leverage, and diverse underlying assets can meet institutional needs for quick position adjustments and hedging in turbulent markets. The emergence of AX is well-timed.

Deeper still, this reflects an inevitable evolution of financial market infrastructure. As former SEC Chairman Paul Atkins predicted, the migration of core financial technology to blockchain over the coming years is inevitable. Architect is actively participating in this grand transition—focusing not on forcing all assets onto chain but on gradually “blockchainizing” top-layer trading and settlement experiences. This pragmatic, incremental approach is more palatable to conservative financial systems and has a higher chance of producing tangible short-term impact.

Challenges and Outlook: The Thorny Road Ahead for Architect

Despite promising prospects, Architect and its AX exchange face numerous challenges. The primary obstacle is fierce market competition. The TradFi derivatives market is dominated by century-old giants like CME and ICE, with unmatched liquidity, deep client relationships, and strong lobbying power. As a newcomer, AX must carve out market share from these incumbents, and whether its initial liquidity can meet institutional demands remains a critical test.

Second, regulatory complexity cannot be underestimated. While AX has obtained Bermuda licenses, its global institutional clients span multiple jurisdictions. Expanding into new markets may encounter conflicting or evolving regulatory requirements. Building a unified yet locally compliant operational framework worldwide is a long-term challenge. Additionally, perpetual contracts are complex derivatives with inherent risks (e.g., extreme market liquidation risks), which need thorough risk management and testing over market cycles.

Nevertheless, if Architect can demonstrate the viability of its model, it could become a benchmark for the integration of TradFi and crypto. Its development path may show that injecting crypto efficiency into TradFi, rather than complete disruption, is a pragmatic approach to gradual revolution. For industry observers, Architect’s success or failure will serve as a key indicator of how far “programmable TradFi” can go. In the crypto bear market’s deep night, this round of funding acts as a signal flare illuminating a different path forward.