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