Bitcoin exchange Bybit established a $100 million fund to support institutional clients during a difficult period for the industry.
“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” — @benbybit 💪💪#Bybit #TheCryptoArk https://t.co/mX8jW6O3vG
— Bybit (@Bybit_Official) November 24, 2022
The initiative targets market-makers on the platform and specialized client managers.
“We are all participants in the industry. Everyone should do everything possible to support it. This is one of the ways we can contribute,” — said Bybit co-founder and CEO Ben Zhou.
Earlier, Bybit, in partnership with Nansen disclosed the volumes of user assets.
Earlier in November Binance and OKX independently announced the launch of “recovery funds” to support post-FTX collapse companies to avoid a cascading effect.
In a subsequent note, Binance CEO Changpeng Zhao said the exchange would create a $1 billion fund to acquire troubled companies in the sector. The size of the vehicle could be increased if the stated amount proves insufficient.
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