Crypto exchange Gate.io has established an industry liquidity support fund with an initial commitment of $100 million.
It says the fund will lend a hand to industry entities, easing the burden so they can continue driving blockchain forward and maintain a healthy market following the collapse of several companies including exchange FTX.
The $100m will be allocated to high-quality projects, market makers, high-frequency traders, and other institutional clients and HNW individuals.
In addition, participants can receive up to $10m in funding support, which can be used for market-making on the Gate.io platform or other independent uses, so long as it fits within the fund’s scope of risk controls.
“We are supporting high-quality and strong projects and market facilitators so we can collectively continue moving blockchain forward,” said Dr Lin Han, founder and CEO of Gate.io.
“Unforeseen hurdles during the bear market shouldn’t adversely affect users and inhibit innovation. Now is the time to work together on rebuilding, protecting users, and fortifying the market.”