Crypto exchange Bybit establishes US$100 million fund to aid institutional clients

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Cryp­to exchange Bybit has estab­lished a US$100 mil­lion fund to sup­port its insti­tu­tion­al clients.

See relat­ed arti­cle: Binance says it will set up cryp­to recov­ery fund, indus­try stan­dards group

Fast facts

  • The exchange will use the fund to sup­port any of its insti­tu­tion­al clients that require it, up to a max­i­mum of US$10 mil­lion for each client, Bybit said.
  • Bybit said that it set up the fund dur­ing a tumul­tuous peri­od with the cryp­to mar­ket still feel­ing the shock­waves from the FTX fallout.
  • In ear­ly Novem­ber before FTX filed for bank­rupt­cy, the price of the Bybit-backed token Bit­DAO fell by more than 20% in an hour. Bybit CEO and founder Ben Zhou said the sud­den drop might have result­ed from Alame­da Research’s liq­uid­i­ty woes.
  • Bybit is a cryp­tocur­ren­cy deriv­a­tives trad­ing plat­form head­quar­tered in Sin­ga­pore. In a 2020 inter­view, Zhou said his team mem­bers are expe­ri­enced with tra­di­tion­al finance and finan­cial derivatives.

See relat­ed arti­cle: Cryp­to exchange Bybit barred from bro­ker­ing secu­ri­ties in Brazil 

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