Following a series of steps taken by blockchain firms to assuage the financial challenges facing developers amid bear market, Crypto derivatives exchange Bybit has raised $100 million as support fund for institutional crypto traders.
The information disclosed on Nov. 24 stated that this new pool of funds will enable institutional traders to have access to liquidity following the harsh conditions many have been subjected to as a result of the FTX collapse.
The support fund will be accessible to market makers as well as high-frequency trading institutions currently struggling to stay liquid due to their funds being stuck in the FTX exchange.
It was added that successful applicants will have access to funds at a 0% interest rate. This is highly commendable and would be rushed by many institutional traders. Although one of the major criteria is that institutional traders must be active on Bybit or other exchanges.
It is noteworthy that the maximum amount each institutional trader could access is $10 million. Also, the funds can only be used for spot and Tether (USDT) perpetual trading on Bybit.
Like Bybit, Casper and Others Offer Relief Programs.
Like Bybit, Scalable blockchain network Casper has launched a $25M grant in order to support innovators and developers on its network.
Casper Association launched the grant on Nov. 23 titled “Casper Accelerate Grant Program.” The primary objective of the project is to provide education and necessary financial support for developers into infrastructure, end-user applications, and research innovation on Casper blockchain.
Additionally, Casper has expressed readiness to launch a digital portal to help developers and creative individuals with practical tools and code that will make their works easier and product better.
On Nov 23, Onomy, a Cosmos blockchain-based ecosystem, raised about $10 million from investors in order to support developers on its protocol.
1/ We're thrilled to announce that we've closed a $10M round, getting Onomy closer to its goals of converging DeFi & Forex while rearchitecting the Web3 user experience. https://t.co/RwLOhyBtjr pic.twitter.com/m4OT9IVIVS
— Onomy Protocol (@OnomyProtocol) November 23, 2022
In the same vein, Binance has announced plans to support Bitcoin Mining with a $500 million fund through setting up a lending facility.