Theodore Gillibrand raises $30M for US futures exchange

Theodore Gillibrand, the 22-year-old son of U.S. Senator Kirsten Gillibrand, has raised $30 million in venture capital to launch a financial derivatives exchange, a startup already valued at $300 million. The funding round for his company, American Perpetuals Exchange Corporation (APEC), was led by the venture firm Lux Capital.

APEC plans to offer perpetual futures contracts, a type of derivative popular in cryptocurrency markets, but applied to U.S. equities and stock indices. Unlike traditional futures, these "perps" have no expiration date, allowing traders to speculate on price movements without owning the underlying assets. A company spokesperson stated the platform will not list cryptocurrencies and is not built on blockchain technology.

The startup intends to seek regulatory approval from the Commodity Futures Trading Commission (CFTC) to operate as a regulated exchange. According to a presentation filed with the Securities and Exchange Commission (SEC), APEC will apply for a Designated Contract Market license. The venture represents a novel attempt to bring a crypto-native financial product into the regulated U.S. equities market.

In a statement, Theodore Gillibrand said...