The leading cryptocurrency exchange Bybit announced the launch of a $100 Million Institution Support Fund to help institutional traders suffering from 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 is eligible to receive up to $10 million, and the amount must be used for spot and perpetual USDT trading on Bybit.
Bybit also revealed the funds will be allocated to the applicants at a 0% interest rate.
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.”
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