OKX Implement Ecological Support Plan For Project Worth $100M

OKX is the 2nd crypto exchange after Binance to plan a $100 million fund to support projects hit by the FTX liquidity crisis.

In an announcement on November 15, according to official news, cryptocurrency exchange OKX announced that it will launch a plan to support the project ecology worth $ 100 million associated with the OKC public chain.

OKX said that under the influence of recent emergencies, some high-quality projects in the ecosystem have problems such as liquidity, technology, liquidity and other supports.

According to yesterday’s news, Binance will set up an industry recovery fund to help projects with potential but is experiencing a liquidity crunch.

As reported by Blockworks, crypto fund research CEO Josh Gnaizda said in an email to institutional investors that between 25% and 40% of crypto-focused hedge funds have a number of levels of direct exposure to FTX or FTT. This makes crypto hedge funds and crypto hedge funds more than $1 billion in losses due to the FTX crash and possibly even as much as $5 billion.

On November 9, FTX CEO Sam Bankman-Fried approached crypto exchange OKX about a deal before FTX and Binance signed a non-binding agreement to buy FTX in the face of the crisis. There is a clear liquidity crisis, according to an OKX spokesperson.

Although Bankman-Fried did not state the amount, the exchange declined to come to an agreement, expressing concern that consolidating the exchanges would be a setback for the industry.

Neither OKX nor its sister exchange, OKCoin, have any contact with FTX or Bankman-Fried’s cryptocurrency trading company, Alameda Research.

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