OKX exchange plans $100 million market recovery fund

OKX, the world's second-largest crypto-only exchange by trading volume, said it would support an industry struggling with the collapse of the rival FTX exchange with a $100 million market recovery fund.

The company said in an email to The Block that the fund would provide assistance to projects struggling due to issues such as lack of financing.

"Having been in the industry for almost a decade, healthy development for all projects and ecosystems is of utmost importance to OKX," the company said in the statement. "The company will therefore provide resources and integration support to high-quality projects, alongside provision of technical, liquidity, and other necessary support."

Just days before FTX's troubles began, OKX said it would follow the now-troubled exchange by obtaining a digital asset license in the Bahamas, where it planned to hire up to 100 people over the next 12 months. The Seychelles-based exchange operator said it would use the newly licensed entity to onboard customers, starting with clients from Mexico.