Bybit, the world’s third most visited crypto exchange, has announced the launch of its $100 million support fund. According to the crypto exchange, the $100 million fund is to shore up institutional market makers during this challenging period in the crypto industry.
Bybit revealed that the fund would help its dedicated institutional clients with a maximum of up to $10 million per client. The fund is also designed to support the broader crypto industry following the fallout from recent market events.
The cryptocurrency added that it intends to use the fund to support any institutional client on its platform that requires it. The fund would be available to existing customers, as well as new institutional customers who join the crypto exchange.
In addition to the fund, the cryptocurrency exchange revealed that it would also provide dedicated account managers to provide support with the application immediately after a client has become a verified KYB (Know Your Business) user n Bybit.
According to Bybit, the decision to help strengthen market makers and institutional clients is due to their importance to the broader cryptocurrency market. The crypt exchange wants the fund t serve as a catalyst and help ignite the recovery of the industry as a whole - and represent an important move toward greater industry-wide stability.
While commenting on this latest development, Ben Zhou, co-founder and CEO of Bybit, said;
“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. We are bullish that crypto will continue to empower people everywhere with the values of equal access to financial services, and decentralized power structures — and we will continue to do all we can to kickstart crypto, ignite the industry, and drive the future of financial services.”
Bybit urged institutional traders and high-frequency investors interested in accessing the fund to reach out to their dedicated account manager.
Bybit is a cryptocurrency exchange that was launched in 2018 and offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.