Cryptocurrency exchange Gate.io has launched an industry-wide liquidity support fund with an initial commitment to spend $100 million.
With the help of the fund, the exchange intends to mitigate the negative effects of the prolonged crypto winter and the recent turmoil in the cryptocurrency market. The company is confident that the market is threatened with liquidity problems, as investors move their funds from exchanges to self-service.
First of all, the trading platform plans to support companies that strive to develop a new strategy and effectively adapt to changing market conditions. The main goal declared by the leadership of Gate.io is to allow companies that agree to support to focus on business and technology, and not on trying to protect themselves from uncertainty. The money will be used to support high-quality projects, institutional clients, market makers and high-frequency traders, the company promises.
“Market uncertainty should not adversely affect users and hinder innovation. We believe the time has come to unite and work together to restore and strengthen the market and protect users,” said Lin Han, founder and CEO of Gate.io.
Earlier, the head of the Binance cryptocurrency exchange, Changpeng Zhao , said that his platform is launching an industry recovery fund that will help troubled companies.
