Crypto Exchange Bybit Announces $100M Fund to support institutional clients
On November 24, the world’s third most visited crypto exchange Bybit announced it has established a $100 million fund to support institutional clients, during this challenging period in the crypto industry.
According to a statement sent via email, Bybit would provide specialized account managers as well as existing and new market makers on its platform with up to $10 million.
Bybit, the 35th largest exchange by trading volume, joins Binance, the biggest, in attempting to seize the recent upheaval in the market as an opportunity. The collapse of significant market participants caused the crypto market to lose two-thirds of its value in a year.
The bankruptcy filing of the cryptocurrency exchange FTX earlier this month set off a domino effect?throughout the already ailing market, forcing other businesses to issue a warning about deteriorating liquidity shortages. In an interview with Bloomberg today, Changpeng "CZ" Zhao, the CEO of Binance, stated that the business aims to raise $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. He also added, “We are bullish that crypto will continue to empower people everywhere with the values of equal access to financial services, and decentralized power structures — and we will continue to do all we can to kickstart crypto, ignite the industry, and drive the future of financial services.”
CBW - External Analyst