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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.

Binance CEO says crypto industry needs clarity of regulations

“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.

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