Bybit, the world’s third most visited crypto exchange, has announced the launch of a $100 million support fund to shore up institutional market makers during this challenging period in the crypto industry.
The fund will offer a helping hand to Bybit’s dedicated institutional clients with a maximum of up to $10 million per client available and is intended to support the industry as the fallout from recent events continues.
Bybit says it will use the fund to support any of its institutional clients that require it. The offer is open to existing customers, as well as new institutional customers who join the crypto exchange. In addition to the support fund, Bybit will also provide dedicated account managers to provide support with the application once the client has become a verified KYB (Know Your Business) user.
Bybit took the decision to help strengthen market makers and institutional clients given their importance to the broader market. Bybit hopes the stimulus package will act as a catalyst and help ignite the recovery of the industry as a whole - and represent an important move toward greater industry wide stability.
“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,” said Ben Zhou, co-founder and CEO of Bybit. “We are bullish that crypto will continue to empower people everywhere with the values of equal access to financial services, and decentralised power structures — and we will continue to do all we can to kickstart crypto, ignite the industry, and drive the future of financial services.”
Institutional tracers and high frequency traders interested in accessing the fund should reach out to their dedicated account manager.-- TradeArabia News Service