In the words of Ben Zhou, the Co-Founder and CEO of Bybit, “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.”
Crypto exchange Bybit announced its plans to launch a $100M support fund to help institutional traders and market makers brave the current market conditions.
According to its blog post, Bybit will provide credit facilities to high-frequency trading (HFT) institutions that are active on Bybit or other exchanges. Bybit noted the funds will help trading firms that are suffering from operational difficulties following FTX’s collapse.
“The last two weeks have sent shockwaves across the crypto industry following the FTX saga. Traders and organizations alike have been negatively affected, plagued by financial and/or operational difficulties.”
The amount loaned to these firms will vary depending on individual requests, with each client eligible to receive a maximum of $10M. Moreover, the funds can only be used for spot and perpetual Tether (USDT) trading on Bybit.
The news came a few days after Binance started raising funds to protect troubled crypto projects from liquidity crises.
