Interactive Brokers has committed $5 Million of aid to assist efforts, provide food and support those impacted by the ongoing coronavirus pandemic in the US.
The brokerage said that the $5 Million funding will be split to tackle two fronts. Firstly, to provide financial grants to local and national organisations for front-line organisations working to treat patients and contain the coronavirus, and secondly to accelerate the developments of new and existing medicines.
“We are fortunate to be in a position to operate our business continuously, through remote access for our employees worldwide and our automated systems,” said Milan Galik, president and Chief executive officer at Interactive Brokers. “We hope to assist those in the greatest need during this trying time.”
Interactive Brokers is not the first major financial institution to set aside money for relief during the coronavirus pandemic. London-based market maker XTX Markets confirmed it has committed £20 million to three charities, while BlackRock also committed $50 million to coronavirus relief efforts globally.
BlackRock said its funds would be used to provide immediate need to those affected by financial hardship and social dislocation, with $18 million having already been deployed to various food banks and community organisations across the US and Europe.