Binance Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for the cryptocurrency after a turbulent few weeks in the market.

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Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up players struggling after the disastrous FTX bankruptcy.

In a blog post, Binance said it would devote $1 billion as an initial commitment to a recovery fund. It could increase that amount to $2 billion at some point in the future “if needed,” the company added.

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It has also received a $50 million commitment from crypto-native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands.

Binance CEO Changpeng Zhao shared a public wallet address showing his initial commitment and said: “We do this transparently.” Public blockchain data reviewed by CNBC shows a balance of around $1 billion in Binance’s BUSD stablecoin.

BUSD is a stablecoin issued by blockchain infrastructure company Paxos and approved and regulated by the New York State Department of Financial Services, according to the Paxos website.

The fund is Binance’s attempt to keep the crypto industry afloat after controversial FTX exchange entrepreneur Sam Bankman-Fried filed for bankruptcy earlier this month.

Zhao has emerged as the new savior for the ailing industry, filling the gap left by Bankman-Fried, whose firm had bought or invested in a number of beleaguered crypto firms — from Voyager Digital to BlockFi — prior to its collapse.

FTX’s fiasco was partly sparked by a tweet posted by the CEO of Binance that drew attention to a CoinDesk report that raised questions over its accounting. Since the quick shutdown of FTX two weeks ago, investors have been fretting over the possibility of crypto contagion affecting every corner of the industry.

In the first court hearing for the bankruptcy case on Tuesday, a lawyer for the company handed down a ruling against FTX and its leadership, saying the company was run as a “personal property” of Bankman-Fried.

Binance said the vehicle is “not an investment fund” and is intended to support companies and projects that, “through no fault of their own, are facing significant short-term financial difficulties.” Zhao has said before that it was his intention to prevent further “flowing contagion effects” stemming from the FTX collapse.

Binance estimates the program will last around six months. It accepts applications from investors to donate additional funds.

Binance says it is “flexible on the investment structure” and accepts contributions in tokens, cash, and debt. “We hope that individual situations call for a customized solution,” the company added.

About 150 companies have applied for support from the fund, Binance said.

Crypto market did not react significantly to the news. in the last hour, bitcoins up about 0.2%, while ether traded flat for the session.

Thin trading volumes are expected in the US as Americans celebrate the Thanksgiving holiday.