Bybit will allocate $100 million to support institutional clients
Market makers can get up to $10 million
24.11.2022 - 14:45
323
1 min
0
Crypto exchange Bybit has established a $100 million fund to support institutional clients, "during this challenging period in the crypto industry," the company said Thursday.
Bybit will offer up to $10 million to existing and new market makers on its platform, as well as dedicated account managers, it said in an emailed statement.
Bybit, the 35th largest exchange by trading volume according to CoinMarketCap, joins Binance, the largest, in trying to turn the industry tumult of the past few weeks into an opportunity. The crypto market has lost two-thirds of its value in a year and has been roiled by the collapse of large market participants.
Earlier this month crypto exchange FTX filed for bankruptcy, triggering a domino effect across the already-troubled industry, prompting other firms to warn of worsening liquidity crunches. Binance's CEO Changpeng "CZ" Zhao said in an interview with Bloomberg today that the company is targeting $1 billion for a recovery fund to buy distressed crypto assets.
“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,” Bybit CEO and co-founder Ben Zhou said in the statement.
This material is taken from the website coindesk.com.
Useful material?
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024
Trends
According to the fund’s analysts, stablecoins with a peg to the US dollar will gain popularity as the main means of settlement
Dec 5, 2024