Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity in the wake of the FTX collapse — an event that triggered a fresh wave of panic selling across the digital asset space.
The support fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling with financial or operational difficulties following FTX žlugimas earlier this month, Bybit atskleista on Nov. 24. The funds will be distributed to eligible applicants at a 0% interest rate.
To be eligible, institutional traders must be active on Bybit or other exchanges. The maximum amount distributed per applicant is $10 million and the funds must be used for spot and Tether (USDT) nuolatinė prekyba „Bybit“.
Once the second-largest cryptocurrency exchange in the world, FTX iškėlė bankroto bylą pagal 11 skyrių on Nov. 11 after a bank run exposed the firm for being insolvent. A scandal ensued after it became apparent that CEO Sam Bankman-Fried was comingling funds between FTX and sister firm Alameda Research, which resulted in an $8 billion hole in FTX’s balance sheet. As Cointelegraph reported, FTX’s 50 largest creditors are owed more than $3 billion.
Susiję: Samas Bankmanas-Friedas vis dar kalba renginiuose, o bendruomenė yra įsiutusi
Several companies exposed to FTX have reported financial and liquidity constraints due to its collapse. Bitcoin (BTC) lender BlockFi is considering bankruptcy, while the Digital Currency Group-backed Genesis Global Trading recently halted new loan originations.
Source: https://cointelegraph.com/news/bybit-launches-100m-support-fund-for-institutional-traders