One sentence summary: Architect Financial Technologies has raised $35 million in Series A funding to grow AX, its new regulated exchange for perpetual futures on traditional assets.
Key Takeaways
- Architect Financial Technologies raised $35 million in a Series A round led by Miami International Holdings and Tioga Capital.
- The funds will be used to expand AX, a centralized exchange offering perpetual futures on traditional assets like equities, FX, and commodities.
- AX is operated out of Bermuda and targets institutional clients in compliant jurisdictions amid US regulatory uncertainty.
- Brett Harrison, former FTX US president, leads the firm, aiming to bridge crypto innovation with traditional finance.
What Happened?
Architect Financial Technologies, a Chicago-based firm founded by ex-FTX US president Brett Harrison, has secured $35 million in Series A funding to expand its newly launched AX exchange. AX is a centralized platform offering perpetual futures on traditional asset classes such as foreign exchange, interest rates, equities, and commodities. The company’s latest funding round was backed by major institutional players, reflecting growing confidence in Architect’s vision to modernize global derivatives trading.
Architect has completed a $35M strategic Series A fundraise to accelerate the growth of AX, the financial industry’s first centralized and regulated exchange for trading perpetual futures on traditional assets. pic.twitter.com/UL7HzRsEqE
— Architect (@Architect_Fi) December 23, 2025
Architect’s Vision: Bridging Crypto Innovation with Traditional Finance
Architect Financial is working to bring the speed and flexibility of crypto trading infrastructure to traditional markets. Its new AX exchange introduces perpetual futures, or “perps,” a product that gained popularity in crypto markets, to a broader set of financial instruments. These contracts allow traders to speculate on price movements without expiry dates, enabling continuous exposure to assets like single stocks, stock indices, FX pairs, and metals.
AX is regulated by the Bermuda Monetary Authority and is operated by Architect Bermuda Ltd., one of the company’s subsidiaries. By setting up operations in Bermuda, Architect avoids the tighter constraints of US regulation while still offering a robust compliance framework that appeals to institutional investors.
Strategic Backing and Global Expansion Plans
The $35 million Series A round was led by Miami International Holdings (parent of MIAX Exchange) and Tioga Capital, with additional backing from firms like Galaxy Ventures, ARK Invest, VanEck, Trumid, Geneva Trading, Coinbase Ventures, Strobe Ventures, CMT Digital, and Third Kind Venture Capital. This investment lifts Architect’s estimated valuation to $187 million, signaling strong institutional support.
The funding follows a $5 million pre-seed round in 2023 and a $12 million seed round in 2024, both of which helped establish the technological foundation and regulatory structure for the AX platform. The exchange officially launched in November 2025.
Architect aims to scale globally, with plans to expand into Europe and Asia-Pacific, regions with clearer regulatory paths for derivatives innovation. In the US, Architect already maintains regulatory registrations through Architect Securities LLC (FINRA) and Architect Financial Derivatives LLC (NFA), offering brokerage services for securities and CFTC-regulated derivatives respectively.
Why Perpetual Futures Matter in Traditional Markets?
Originally designed for crypto markets, perpetual futures are now gaining traction in traditional finance. These instruments allow synthetic exposure to markets without holding the actual assets. For institutional traders, this structure provides new tools for hedging, speculation, and liquidity access across diverse asset classes.
A recent Coinbase Ventures report identified equities, FX, and commodities as top targets for growth in perpetual futures. Architect’s AX exchange positions itself at the center of this shift by offering secure, regulated access to these products without involving crypto assets.
CoinLaw’s Takeaway
In my experience watching markets evolve, this is a bold but smart move. Brett Harrison knows the playbook from both the crypto side and institutional finance, and now he’s trying to fuse the two. AX is not just another derivatives platform. It’s an effort to professionalize crypto-era tools for real-world finance. I found the investor list particularly telling. When you see names like MIAX, ARK, and Coinbase Ventures lining up behind a platform like AX, it means they see serious potential. The regulatory strategy is also clever. Bermuda gives them room to grow while keeping compliance front and center. If they can deliver on performance and trust, AX might redefine how institutions trade macro assets.
