Bybit has allocated $100 million to help cryptocurrency companies after FTX collapse

Bybit has allocated $100 million to help cryptocurrency companies after FTX collapse
The exchange will offer up to $10 million to its market makers for support during "this difficult time in the crypto industry."

Cryptocurrency exchange Bybit has announced the creation of a $100 million fund to help institutional clients, CoinDesk reports. The project aims to support companies "during this difficult time in the crypto industry," when the bankruptcy of one of the largest cryptocurrency exchanges, FTX, caused a domino effect in the industry, and many cryptocurrency companies began experiencing liquidity problems.

Bybit would offer assistance to existing and new Market makers on its exchange platform. Account managers can also count on the fund for support, the exchange said in a statement.

The Bybit exchange was founded in 2018, and as of Nov. 24, it was the 17th-largest trading platform among centralized crypto platforms at $405 billion, according to CoinGecko. According to the exchange, it has more than 10 million users in 160 countries.

"We are all in this situation together. Everyone has to do what they can to support our industry, and this is one of the ways we are helping the recovery," co-founder and head of the Bybit exchange Ben Zhou wrote on Twitter (the social network is blocked in Russia).

Thus, Bybit joins the previously announced initiative of the head of Binance Changpeng Zhao, aimed at overcoming the crisis in the industry after the collapse of FTX. Zhao's proposal was also supported by blockchain Tron, exchanges Huobi and Poloniex, as well as developers of Ethereum Pow.

Translated with www.DeepL.com/Translator (free version)