Bybit Exchange becomes the latest exchange to establish a fund that will help its clients and market makers.
Recently, Bybit Exchange, one of the biggest exchanges in the market, established a $100 million fund to help its clients given the current state of the crypto market.
Firstly, $10 million worth of funds will be used to help the market makers of the Bybit exchange. The rest will focus on the institutional clients that the exchange has.
Bybit is the latest to join the likes of Binance. The latter has been trying to help its users and institutional clients recover from the current economic downtrend. Various macro factors led to the fall of financial markets, including cryptocurrencies. Therefore, Binance saw it as necessary to help those affected. Changpeng “CZ” Zhao opted to establish a recovery fund worth $1 billion.
The fall of FTX was one of the largest upsets in crypto history. Therefore, exchanges have been working on helping crypto communities given the billions of dollars lost.
CEO of Bybit Ben Zhou stated that everyone must stick together. This way, we can help each other if we want to recover from this difficult situation in the crypto market. While the fund could be a good thing, many are criticizing ByBit as to whether they chose to help only market makers and institutional clients.
Nonetheless, we have to wait and see whether other exchanges will opt to help their clients during this difficult period in the world, both within and outside the crypto market.
