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.”
Cryptocurrency shorts
iPod designer Tony Fadell has designed a new hardware wallet for people to store their cryptocurrency. Retailing at $279, Ledger Stax, which resembles a small smartphone, was created by French crypto asset security firm Ledger and contains magnets which allows users to stack multiple devices.
Crypto accounting and compliance platform Bitwave has closed a $15m Series A round led by Hack VC and Blockchain Capital.
Open-source software management platform Tea has raised $8.9m funding led by Acuitas Group Holdings. It is developing a blockchain-based solution to help software developers and maintainers get paid.
eCommerce and interactive platform builder LGND has announced a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to create a Web3 music platform. LGND Music, to launch in January 2023, is designed to be a music and collectibles platform.
thirdweb, a technology platform for building NFT and Web3 apps, is launching GamingKit, a kit specifically for Web3 gaming developers, in partnership with Coinbase.
Crypto prices
The overall market cap of the 21,900 coins is at $851 billion at the time of writing (7am UK), a 0.3% decrease in the last 24 hours.
For round-ups of recent cryptocurrency news developments, click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.