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.
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 today 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.