Cryptocurrency exchange Bybit has announced that it has created a $100 million fund to support institutional clients.
In the crypto money market, which has had busy days in the bear trend, the responsibilities of the stock markets are also increasing. The collapse and subsequent bankruptcy of the popular cryptocurrency exchange FTX deeply affected the industry. While liquidity problems started in the sector, stock markets had to adapt to the principle of transparency. In particular, Binance has been the pioneer of steps in the industry. Binance’s proof of reserve has driven other exchanges to follow. In addition, data service providers began tracking this proof of reserve. After all the processes, Bybit announced that it has created a new fund.
Bybit Allocates $100 Million To Corporate Customers
Bybit, one of the popular cryptocurrency exchanges, announced its new funds for institutional clients and market makers.
According to the statement from the company, a $ 100 million fund was created due to the difficult processes in the crypto industry. This fund has been reserved for corporate customers not to have tough days. In addition, the company has also funded existing or new market makers on its platform. The company has allocated a $10 million budget to market makers and dedicated account managers.
Bybit CEO and co-founder Ben Zhou stated that they will do their best to support the industry.
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