Gate.io, a crypto trading platform has promised to support the blockchain industry with $100 million to boost the ecosystem and also restore the confidence of investors and shareholders with exchanges.
Gate.io made the announcement in an effort to wade off growing bearish sentiment in the industry. The firm stated that the $100 million pledge is support to revive the blockchain industry as a result of the current crypto winter and the collapse of exchanges.
The $100 million pledge may be pivotal, especially at this critical juncture in the industry, when investors and stakeholders are looking for self-custodial options for their digital assets. The funds are thus intended to assist digital businesses in developing strategies for adapting and overcoming the current crypto market.
Gate.io reiterated that the support fund is open to all players in the Web3 ecosystem which includes high-frequency trading institutions, high-quality listing projects, and high-net-worth individuals.
The liquidity assistance fund will be made accessible based on each customer’s need; up to $10 million equivalent in token funding support may be given. The funds can be used for market making/trading in Gate.io’s spot and futures markets, and they can be used independently within the scope of risk management.
The firms also hinted the funding amount can be increased at any time depending on the market conditions and there is currently no time limit.
Support for the Crypto Industry Despite Ongoing Challenges
The crypto space has continued to receive support from key industry players despite the dwindling crypto economy.
Binance CEO, Changpeng Zhao has also pledged his commitment to the digital industry by launching a liquidity fund of $1 billion to support crypto businesses that are experiencing a liquidity crunch.
Zhao claimed that the recovery fund will lessen the burden placed on cryptocurrency companies as a result of the harm that the demise of FTX has caused them.
Binance’s CEO has also confirmed that the company’s US division will make another bid for the bankrupt Voyager Digital platform following the failure of the previous bid winner, FTX Derivatives Exchange.
Poloniex Exchange, a crypto trading platform based in Boston, Massachusetts, announced on Twitter that they are also ready to join Binance’s efforts to rebuild the crypto space because they believe that working together can be very effective during difficult times.
