OKX exchange plans $100 million market recovery fund

Quick Take

  • OKX exchange plans a $100 million market recovery fund.
  • The company aims to help “high-quality projects.”

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."

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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.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.


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