Bitget Leads CEXs in Aiding Bybit Amidst Market Turmoil

Bybit's CEO has praised Bitget as the first centralized exchange (CEX) to extend a helping hand without charging interest during a time of market turmoil. In a recent statement, the Bybit CEO highlighted Bitget's proactive approach in offering assistance, setting a precedent for other exchanges to follow.

Bitget's CEO, Gracy, confirmed the exchange's initiative in a Space session, revealing that they had reached out to Bybit's CEO, BEN, to provide short-term liquidity without any collateral, interest, or commitment required. This move demonstrated Bitget's commitment to supporting the broader cryptocurrency ecosystem during challenging market conditions.

In addition to Bitget, other exchanges such as MEXC and Gate.io also stepped up to offer assistance, further showcasing the industry's collaborative spirit. However, as of now, Bybit's liquidity is reported to be sufficient, and no further support is deemed necessary.

The Bybit CEO's recognition of Bitget's efforts highlights the importance of exchanges working together to maintain market stability and support one another during times of stress. This collaborative approach fosters a healthier and more resilient cryptocurrency ecosystem, ultimately benefiting all market participants.