PANews reported on October 29 that, according to Bloomberg, Architect Financial Technologies, a startup founded by former FTX US president Brett Harrison, has received approval from the Bermuda Monetary Authority to launch a perpetual futures trading platform called "AX," introducing this crypto derivatives mechanism to traditional asset classes such as stocks, forex, interest rates, and commodities.
Harrison stated that the platform will support 24/7 trading and accept fiat currency and USD stablecoins as collateral, thus overcoming the limitations of traditional settlement systems. Future plans also include launching perpetual contracts covering AI-related assets such as rare earths, renewable energy, and data center computing power costs.
Chicago-based Architect is currently raising Series A funding, having already secured investments from Coinbase Ventures, Circle Ventures, and Anthony Scaramucci's SALT Fund. Harrison stated that the regulatory environment in the US market is becoming more relaxed, and perpetual contracts are expected to usher in new opportunities in the traditional financial sector.
