Bybit cryptocurrency The exchange said on Thursday it has created a $100 million fund to support institutional clients “during this challenging time in the crypto industry.”
Cryptocurrency Exchange Bybit To Allocate $100 Million To Its Institutional Clients
In the statement made via email, it was stated that Bybit will offer up to $10 million in funding to existing and new market makers on its platform, as well as dedicated account managers. Funds will be distributed to eligible applicants at 0% interest.
To be eligible, institutional investors must be active on Bybit or other exchanges. The maximum amount distributed per applicant is $10 million and funds must be used for spot and Tether perpetual trading on Bybit.
Bybit, the 35th largest exchange by trading volume according to CoinMarketCap, joins Binance, the largest exchange that has been trying to turn the turmoil in the industry into an opportunity for the past few weeks.
The cryptocurrency market lost two-thirds of its value in a year and was shaken by the collapse of major market participants.
Earlier this month, crypto exchange FTX filed for bankruptcy, creating a domino effect in an already troubled industry, after which other firms began to raise the alarm that the liquidity crunch is worsening.
Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg today that the company is targeting $1 billion for a recovery fund that will buy distressed crypto assets.
bitcoin “We’re all in this business and it’s up to everyone to do our best to support our industry, and that’s a way of giving support,” said Ben Zhou, CEO and co-founder of Bybit exchange.
*Not investment advice.
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