Ex-FTX US President Secures $35M for New Crypto Exchange

Key Takeaways:

• Funding for the new AX exchange is complete.
• Harrison’s leadership transitions after FTX US exit.
• $35M funding potentially shifts crypto market dynamics.

The completion of a $35 million funding round by former FTX US president Brett Harrison to launch AX lacks primary source verification. Secondary reports suggest Miami International Holdings and Tioga Capital led the funding, valuing Architect at $187 million.

Former FTX US President Brett Harrison has reportedly completed a $35 million funding round to establish a new cryptocurrency exchange named AX. Details of the funding round have been primarily reported by secondary sources.

The establishment of AX by Brett Harrison may influence the cryptocurrency market’s landscape, affecting liquidity and competition among existing exchanges.

The funding round, reportedly valuing Architect Financial Technologies at $187 million, was led by Miami International Holdings and Tioga Capital. Harrison, who initially left FTX US amid controversy, now steps forward with a new venture in the crypto space.

an industry analyst commented.

Details of the capital allocation remain unclear, with no primary data confirming changes in on-chain metrics such as liquidity or trading volumes. Observers continue to speculate on Axe’s market entry and its potential regulatory implications, though no official statements have been made by financial authorities.

The lack of official announcements from regulatory bodies, such as the SEC or other financial authorities, has resulted in uncertainty regarding potential compliance requirements. Meanwhile, industry reactions remain speculative without primary authentication.

Potential outcomes for investors and the crypto community hinge on AX’s success, particularly in an industry recovering from FTX’s high-profile collapse. The exchange’s technology and operational strategies remain under assessment as further details emerge.