Crypto exchange Gate.io, which claims to be one of the world’s “leading” trading platforms, says that it aims to position itself “as a key driver of the crypto industry during the bear market.”
As companies restrategize to adapt to changing market conditions, Gate.io is spearheading initiatives “aimed at supporting the safe and stable development of the industry and rebuilding confidence with users.”
To support the industry’s overall health, crypto exchange Gate.io has “established an Industry Liquidity Support Fund with an initial commitment of $100 million.” The fund “will lend a hand to industry entities, easing the burden so they can continue driving the industry forward and maintaining a healthy market.”
Gate.io launched the fund “to help to rebuild the industry in the wake of significant collapses so that users are better protected from adverse market conditions and so innovators can focus on constructing the future of blockchain.” The $100 million will be “allocated to high-quality projects, market makers, high-frequency traders, and other institutional clients and HNW individuals.”
Any entity in these categories can apply for the fund, “which is not limited to Gate.io partners and includes those from other platforms.” In addition, participants can “receive up to $10 million 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.”
With no deadline, the support fund is currently “open for applications indefinitely. Gate.io has also left open the possibility of expanding the fund in the future if warranted by market conditions.”
Gate.io has recently “highlighted its $100 million Gate SAFU fund, which has provided a security blanket and insurance fund for user assets since 2019.”
Furthermore, the exchange also “completed its second 100% Proof of Reserves audit this October, having been the first to do so back in 2020.” Combined with the new support fund, Gate.io looks “to be taking tangible action to protect and build trust with users, foster a healthy market, and rebuild the industry during tough times.”
Dr. Lin Han, Founder and CEO of Gate.io, said:
“We are supporting high-quality and strong projects and market facilitators so we can collectively continue moving blockchain forward. 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.”
Gate.io claims it “has weathered several bear markets since its founding in 2013 and is looking to ensure that its industry peers and users can all move forward together.” The exchange has been “taking proactive actions to build back industry trust and lend a hand to projects that are helping to define blockchain and the crypto industry.”