Brett Harrison is betting that the "perpetual" trading model that defined the offshore crypto boom can be rebranded for traditional assets. The former FTX US president has raised $35mn for Architect Financial Technologies, valuing the firm at $187mn, to launch a Bermuda-regulated exchange that specifically excludes US investors and the very crypto assets that made him a household name.
Ex-FTX US Head Pivots To Bermuda For $187mn TradFi Perpetuals Play
24 December 2025 - 09:11 CET
By Sandmark staff
The offshore regulatory play
By basing AX in Bermuda, Harrison is sidestepping the regulatory gridlock in Washington that has long blocked perpetual futures. The move mirrors the "offshore-first" playbook used by his former employer, though Harrison insists the focus is now strictly on foreign currencies and stock indexes. While the firm markets the platform as an institutional bridge, the reliance on a Bermuda license suggests that the appetite for high-leverage TradFi derivatives remains a non-starter for US oversight.
Lingering FTX shadows
The funding round, led by Miami International and Tioga Capital, comes as Harrison continues to distance himself from the $8bn collapse of FTX. Despite his Jane Street pedigree and a $187mn valuation, the venture faces the steep challenge of proving that the "perpetual" contract, a product born from the high-risk onchain world, has a legitimate, long-term use case in traditional commodities and metals. Critics note that while the exchange avoids crypto, it uses the same "24/7" trading mechanics that fueled the volatility of the previous cycle
