Bybit exchange announces support fund for corporates. The change will give the company’s customers and sellers up to $ 10 million.
Crypto exchange Bybit has established a fund of $ 100 million to support the company’s customers, “in this difficult time in the crypto industry,” the company announced on Thursday. Bybit will offer up to $10 million to existing and new traders on its platform, as well as dedicated account managers, it said in an emailed statement.
Bybit exchange, the 35th largest exchange according to the market as CoinMarketCap, joins Binance, the largest, in an effort to turn the industry turmoil of recent weeks into an opportunity. The crypto market has lost two-thirds of its value in a year and is reeling from the collapse of market leaders.
Earlier this month, crypto exchange FTX filed for bankruptcy, causing a domino effect on struggling companies, prompting other companies to warn of a worsening liquidity crisis. Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg today that the company is targeting $1 billion in incentives to buy struggling crypto assets.
“We’re all in this together, and it’s up to everyone to do whatever they can to support our company and it’s our way to help give back,” said CEO and founder of Bybit exchange, Ben Zhou. , said in a release.
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