Key Takeaways
- AX is a new exchange that gives investors 24/7 global access to perp contracts in crypto and traditional stocks.
- Harrison was caught lying about the security of FTX USD deposits and asset management.
- AX has raised over $17 million with backing from Coinbase, Circle, Anthony Scaramucci, and others.
Brett Harrison, the former president of the now-defunct crypto exchange FTX, is bidding to make a fresh start by launching a new exchange, Architect Financial Technologies (AX), which aims to bring crypto-inspired perpetual futures to traditional stocks, commodities, and forex.
However, not everyone is pleased with the news as Harrison’s dodgy past has resurfaced.
Fresh Start
As per Bloomberg, Harrison is making his industry comeback with the launch of a new centralized exchange, AX.
It mimics crypto perps’ leverage and non-expiry, but adds traditional safeguards such as portfolio margining, volatility halts, and price bands into the mix.
It’s the “perfect time” for such a product, Harrison told reporters.
Though U.S. regulators are yet to approve perpetuals, the Chicago-based firm will leverage an affiliate in Bermuda, keeping all crypto and asset activity offshore for the time being.
This, in Harrison’s words, makes it the “world’s first centralized and regulated exchange for perpetual futures on traditional assets.”
Looking ahead, Harrison is eager to evolve these offerings and launch perpetual for emerging asset classes such as rare earth metals, renewable energy, and data center compute costs.
Shadows of FTX
Though Harrison was uninvolved with the FTX fraud, his past mistakes have resurfaced, calling into question the legitimacy of “fully regulated” claims.
Sunil, an FTX Creditor who has closely followed and reported on the exchange’s collapse, reposted a 2022 document that revealed Harrison had been lying about FTX US deposits being FDIC-insured, with stocks held in FDIC-insured brokerage accounts.
Despite raising $17 million from backers including Coinbase, Circle, and Anthony Scaramucci, among others, AX will face additional scrutiny from the crypto community.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
