👾While the crypto industry is in the midst of a survival game, some big players are willing to lend a helping hand one way or another. The first ones were Binance and Bybit, who announced their “Recovery Fund”. We also updated our ProofOfReserves table.
👨🏽💻Binance plans to launch their recovery fund for projects going through a liquidity crisis. The mission is to raise $1 billion with the possibility of additional funds on top of that. The fund will follow a loose policy: participants will be able to contribute based on their own interests. Read more from CZ – click.
💁🏽♂️Bybit has created a $100 million fund. They are offering up to $10 million to their institutional clients, existing and new market makers working on their platform, and certain account managers.
🫂Binance and Bybit want to support a crypto market that has been rocked by the collapses of major marketers, while losing 2/3 of its value in a year.