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Crypto Exchange Bybit Announces $100M Fund to Support Institutional Clients
The exchange will offer as much as $10 million to institutional clients and market makers.
Updated May 9, 2023, 4:03 a.m. Published Nov 24, 2022, 11:09 a.m.
Crypto exchange Bybit has established a $100 million fund to support institutional clients "during this challenging period in the crypto industry," the company said Thursday.
Bybit will offer up to $10 million to existing and new market makers on its platform, as well as dedicated account managers, it said in an emailed statement.
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Bybit, the 35th largest exchange by trading volume according to CoinMarketCap, joins Binance, the largest, in trying to turn the industry tumult of the past few weeks into an opportunity. The crypto market has lost two-thirds of its value in a year and has been roiled by the collapse of large market participants.
Earlier this month crypto exchange FTX filed for bankruptcy, triggering a domino effect across the already-troubled industry, prompting other firms to warn of worsening liquidity crunches. Binance's CEO Changpeng "CZ" Zhao said in an interview with Bloomberg Thursday that the company is targeting $1 billion for a recovery fund to buy distressed crypto assets.
“We are all in this together, and it’s up to everyone to do what they can to support our industry and this is one way we are helping to give back,” Bybit CEO and co-founder Ben Zhou said in the statement.
Read more: Binance Targets $1B Recovery Fund for Distressed Crypto Assets: Bloomberg
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
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- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
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