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Bybit, the third most visited cryptocurrency exchange in the world, has announced the launch of a $100 million support fund to support institutional market makers during this challenging time for the cryptocurrency industry.
The fund will assist Bybit’s specialized institutional clients with up to $10 million each and is designed to support the industry as the impact of recent events continues.
Bybit said it will use the fund to support any institutional clients that need it. The offer is open to existing clients as well as new institutional clients joining the cryptocurrency exchange. In addition to supporting funds, once a customer becomes a KYB (Know Your Business) certified user, Bybit will also provide a dedicated account manager to support the application.
stimulus package
Considering the importance of market makers and institutional clients to the broader market, Bybit decided to help them strengthen their strength. Bybit hopes the stimulus package will act as a catalyst to help ignite an industry-wide recovery — and represent an important step toward greater industry stability.
“We are all in this together, and everyone has a responsibility to do what they can to support our industry, and this is one way we give back to society,” said Bybit co-founder and CEO Ben Zhou. “We are bullish that cryptocurrencies will continue to empower the world. The values of equal access to financial services for people everywhere and decentralized power structures – we will continue to do everything in our power to launch cryptocurrency, ignite the industry and drive the future of financial services.”
Institutional trackers and high-frequency traders interested in using the fund should contact their dedicated relationship managers. — trade arab news agency
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