Crypto exchange Bybit deploys US$100 million fund to help institutional clients

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

See related articles: Binance says it will establish crypto recovery fund, industry standard group

Fast facts

  • Bybit said the exchange will use the funds to support any of its institutional clients in any need, up to a maximum of US$10 million per client.
  • Bybit said it deployed the fund during a volatile period where the crypto market is still feeling the shockwave from the FTX fallout.
  • In early November, before the FTX bankruptcy, the price of ByBit-backed token BitDAO fell more than 20% in an hour. Bybit CEO and founder Ben Zhou said the sudden drop could be due to Alameda Research’s liquidity problems.
  • 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 articles: Crypto exchange Bybit has banned securities brokerage in Brazil