The reputed cryptocurrency trading and exchange platform, KuCoin has emerged as the champion of market makers on the now troubled FCoin crypto platform by launching the Market Maker Support Program. The program that went live today is slated to benefit the affected FCoin market makers in two different ways.
The Chinese crypto exchange FCoin, on Monday, announced that the company is shutting down following issues related to internal data errors and complicated decisions. The announcement was made by Zhang Jian – the founder. The decision as taken after the platform found itself insolvent with a shortfall of over USD 125 million, most of which is now owed to its users.
Market Makers on KuCoin
As a part of the program, those qualified as market makers on FCoin can continue doing what they have been doing, but on KuCoin at the same tier rate as before for at least three more months. Eventually, the former FCoin market makers can migrate to the KuCoin and KuMEX market maker incentive plans and enjoy the benefits that come along them.
Loans at 0% Interest
The Market Maker Support Program is also offering loans of up to USD 50 million at a zero percent rate of interest to FCoin market makers. These loans will be issued by KuCoin in partnership with a professional lending institution so that the stakeholders affected by the sudden shutdown of the exchange can reduce and recover from losses. The loan can be secured in different cryptocurrencies including BTC, USDT, ETH, and the interest-free amount depends on actual loss suffered by the market maker availing it.
With the Market Maker Support Program now live, KuCoin will soon announce the end date, before which those eligible to receive support can make use of the opportunity.