With the current state of the crypto industry and the losses that have been suffered by investors, Bybit, a leading crypto exchange firm, made an announcement earlier today that, in a bid to alleviate the hardship in the market by a little margin, it would be rendering its support with the sum of $100 million.
Bybit Follows Suit With Binance, Will Support Industry Players With $100 Million
In a statement that was emailed earlier today, the famous crypto exchange, Bybit, announced its intention to support its key clients in the crypto industry with a sum of $100 million.
This is an attempt to alleviate the hardships that currently abound in the crypto industry and give some sort of hope and silver lining for its clients to hold on to.
The crypto exchange has stated that this privilege will be accessible to both old and new users of its platform, as well as to account managers who are diligent and dedicated.
Bybit, however, is not the only exchange that has taken this noble route in alleviating the troubles of the industry; the famous crypto exchange Binance has also announced plans to try to make the situation better.
Binance’s Chief Executive Officer, Changpeng “CZ” Zhao, has announced that the exchange has reserved a total of $1 billion to acquire distressed assets and thus better the economy.
The current state of the crypto market was largely triggered by the collapse of the popular crypto exchange, FTX, and since then, a number of crypto firms have followed suit. It appears, however, that such might not be the case if other key players in the industry follow suit.
According to the co-founder of Bybit, who also doubles as the chief executive officer, the industry is one and its current situation is everyone’s business, so anyone could render help in whatever little way they can.
Maybe It Will Get Better After all
With the recent series of positive developments in the industry, a renewed sense of hope has been awakened. Especially since the reassurance from the crypto analytics firm Chainalysis earlier today, many people have begun to hold on to the silver lining.
The crypto industry has survived brutal falls in the past and bounced back beautifully; a renewed sense of hope suggests that this current state should not be an exception.
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