OKX crypto currency exchange sets up a rescue fund with $100 million. OKX Exchange is planning a marketing incentive fund of $100 million. The company wants to help “high performance”.
OKX, the world’s second largest cryptocurrency exchange by trading volume, said it will support the company’s struggle with the failure of rival exchange FTX with a $100 million market incentive fund. The company said in an email to Block that the money will help with projects that are struggling due to issues such as lack of funding.
“Having been in the industry for almost ten years, healthy development for all jobs and the environment is very important to OKX,” the company said in the statement. “Therefore, the company will provide infrastructure and support for advanced operations, in addition to providing technical support, water supply and other necessary support.”
A few days before the FTX crisis began, OKX said it would follow the current reforms by acquiring a digital license in the Bahamas, where it plans to hire 100 people in the next 12 months. The Seychelles regulator said it will use a newly licensed agency to enter clients, starting with clients from Mexico.
Binance recently announced a funding round for cryptocurrency exchange OKX. It can be said that the cryptocurrency exchange is also affected by the decrease in the market and the decrease in the number of users. The fact that there is another market crash and the emergence of new entrants will accelerate the transition of people away from cryptocurrencies.
Before Bitcoin declines, it is necessary to do something to restore at least some confidence in the cryptocurrency market.
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