Bybit Announces $100 Million Fund To Support Institutional Clients
In the aftermath of the FTX crash, Bybit established a new assistance fund to assist institutional traders in gaining access to liquidity.
Market makers and high-frequency trading firms may use the $100 million support fund, according to the announcement released by Bybit on November 24. The money will be given to qualified candidates with no interest.
Institutional traders must be active on Bybit or other exchanges to qualify. Each applicant can receive up to $10 million, and the money must be used for spot and perpetual USDT trading on Bybit.
Bybit CEO and co-founder Ben Zhou stated:
“We are all in this together, and it’s up to everyone to do what they can to support our industry and this is one way we are helping to give back.”
The bankruptcy filing of the crypto exchange FTX earlier this month set off a chain reaction throughout the already ailing market, forcing other businesses to issue a warning about deteriorating liquidity shortages.
In an interview with Bloomberg yesterday, Changpeng Zhao, the CEO of Binance, stated that the company aims to raise $1 billion for a recovery fund to acquire troubled crypto assets.
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