Bybit launches $100 million support fund for institutional traders
Institutional trading companies faced financial losses and operational difficulties following the collapse of FTX.
New
Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity following the collapse of FTX - an event that sparked another wave of panic selling in the world. digital asset space.
The relief fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling financially or operationally following the collapse of FTX earlier this month, revealed Bybit on November 24. Funds will be distributed to eligible applicants at a 0% interest rate.
To be eligible, institutional traders must be active on Bybit or other exchanges. The maximum amount distributed per contestant is $10 million and the funds must be used for spot and Tether (USDT) perpetual trading on Bybit.
Once the second-largest cryptocurrency exchange in the world, FTX filed for Chapter 11 bankruptcy on November 11 after a coordinated banking operation exposed the company's insolvency. A scandal ensued after it became apparent that CEO Sam Bankman-Fried was mixing funds between FTX and sister company Alameda Research, resulting in an $8 billion hole in FTX's balance sheet. As Cointelegraph reported,
Institutional trading companies faced financial losses and operational difficulties following the collapse of FTX.
New
Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity following the collapse of FTX - an event that sparked another wave of panic selling in the world. digital asset space.
The relief fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling financially or operationally following the collapse of FTX earlier this month, revealed Bybit on November 24. Funds will be distributed to eligible applicants at a 0% interest rate.
To be eligible, institutional traders must be active on Bybit or other exchanges. The maximum amount distributed per contestant is $10 million and the funds must be used for spot and Tether (USDT) perpetual trading on Bybit.
Once the second-largest cryptocurrency exchange in the world, FTX filed for Chapter 11 bankruptcy on November 11 after a coordinated banking operation exposed the company's insolvency. A scandal ensued after it became apparent that CEO Sam Bankman-Fried was mixing funds between FTX and sister company Alameda Research, resulting in an $8 billion hole in FTX's balance sheet. As Cointelegraph reported,
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