The most prominent cryptocurrency exchange, Bybit, has just announced the launch of a $100 Million Institution Support Fund with the intention of assisting institutional traders who have been negatively affected by the FTX debacle.
According to the announcement, market makers and high-frequency trading (HFT) institutions on Bybit or other exchanges are eligible for the $100M support fund.
Each applicant has the potential to receive up to $10 million, which must be put toward spot and perpetual USDT trading on Bybit. The maximum amount that can be received is specified in the application.
Additionally, Bybit disclosed that there will be no interest charged on the funds that will be provided to the applicants.
ByBit CEO and co-founder Ben Zhou stated, “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.”
Compiled by Coinbold