Crypto industry this challenging period
Bybit, a cryptocurrency exchange, said Thursday that it has set up a $100 million fund to help institutional clients “during this challenging time in the crypto industry.”
Bybit said in an email statement that it will offer up to $10 million to both new and existing market makers on its platform, as well as dedicated account managers.
Bybit, which CoinMarketCap ranks as the 35th largest exchange by trading volume, is trying to take advantage of the chaos in the industry over the past few weeks. In a year, the value of the crypto market has dropped by two-thirds, and the collapse of large market participants has caused a lot of chaos.
This month, the cryptocurrency exchange FTX filed for bankruptcy. This sent a domino effect through an already troubled industry, causing other companies to warn of worsening liquidity shortages. In an interview with Bloomberg today, Changpeng “CZ” Zhao, the CEO of Binance, said that the company wants to raise $1 billion for a fund to buy troubled cryptocurrencies.
“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,” In the statement, Bybit CEO and co-founder Ben Zhou said.
Binance plans $1B for distressed crypto assets
cryptocurrency exchange FTX went bankrupt this month. This caused a domino effect in an industry that was already having trouble, leading other companies to warn of worsening liquidity shortages. Changpeng “CZ” Zhao, the CEO of Binance, said in an interview with Bloomberg today that the company wants to raise $1 billion for a fund to buy troubled cryptocurrencies.
In the statement, Ben Zhou, CEO and co-founder of Bybit, said, “We’re all in this together, and everyone needs to do what they can to help our industry. We’re giving back in this way.”
The bankruptcy of FTX has had a big effect on the whole industry, and other companies, like the lender BlockFi, are reportedly getting ready to file for bankruptcy.
Last week, CZ said that Binance would start a fund to help it recover “to help projects that are strong in other ways but are having trouble getting money.
“The exchange will take a “loose approach,” in which different players in the industry can contribute as they wish, “On Thursday, CZ said. Soon, there will be a detailed blog post.