Bybit has announced the launch of a $100 million support fund to aid institutional market makers during a challenging period for the crypto industry.
The fund will offer a hand to Bybit’s dedicated institutional clients with a maximum of up to $10 million per client available, intended to support the crypto industry as the fallout from the FTX collapse has been attributed to the downward trend of declining crypto prices.
Bybit says it will use the fund to support any of its clients that require it, with the offer open to existing customers, as well as new institutional customers who join the crypto exchange.
“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.
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 wider importance to the broader market.
The crypto exchange 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.
Zhao added: “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.”