Cryptocurrency exchange FTX went bankrupt earlier this month, dragging several companies down with it. The collapse has aggravated the bearish trend in the crypto market. Some crypto entities have decided to put measures in place to slow the worsening liquidity crunch. This is the case of Bybit, which recently announced important news.
A fund dedicated to institutional clients
The Bybit Exchange Team announced, November 24, the launch of a $100 million relief fund. She said: ” To help institutional traders weather the storm, we are pleased to announce the launch of our $100 million relief fund“. Entities eligible for the fund are: market makers and institutions on Bybit or other exchanges.
The exchange provides a quota per client estimated at a maximum of $10 million. But the precise amount that will be granted to each of the eligible customers will be defined according to individual requests. There will obviously be an approval process before transferring the sum to the customer concerned.
The fund is specifically intended for spot and perpetual futures trading. The Bybit crypto exchange team clarified that the expected interest rate is 0%. “For more information, please contact your account manager“, she concluded.
According to the CEO of Bybit, “we are all in this together”
For Ben Zhou, CEO and co-founder of Bybit, the crypto space as a whole should care by the current state of the market. To this end, the manager has declared : “We’re all in this together, and it’s up to everyone to do what they can to support our industry. This is a way for us to help give back“.
Further, the exchange team said: “At Bybit, our mission is to be the world’s crypto ark.We strive to provide superior reliability, products and opportunities“.
With the announcement of the launch of a support fund, Bybit joins Binance. Indeed, CEO Changpeng Zhao recently declared that Binance will allocate $1 billion to its crypto recovery fund. He added that several contributors will participate in the realization of his project to turn around the crypto industry.
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