ABU DHABI: Binance chief executive Changpeng Zhao said on Wednesday there was significant interest from industry players in a recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX.

Speaking at a conference in Abu Dhabi, Zhao said that he doesn’t have a specific limit in mind for the size of the recovery fund.

“There are players that have strong financials and we should band together; we’ve got significant interest so far,” he said declining to give any names at this point.

Zhao said Binance has healthy reserves but did not give a figure for how much the company would contribute to the fund.

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“Crypto doesn’t need saving,” Zhao said. “Crypto will be fine.”

More details concerning the fund will be available over the next two weeks, Zhao said.