Cryptocurrency exchange Binance said it will set aside $1 billion for a crypto industry recovery initiative to invest in companies in the digital asset sector, Reuters writes.

The cryptocurrency market is currently teetering on the brink following the collapse of FTX, which has filed for bankruptcy protection in the US.

The collapse of one of the largest crypto exchanges in the world has also heightened concerns about the entire industry’s ability to attract investment from venture capital and private equity giants.

Binance intends to increase its commitment to $2 billion in the near future by necessity.

“We expect this initiative to last about six months and will be flexible in terms of investment structure: tokens, fiat, equities, convertible instruments, debt, lines of credit, etc.,” Binance said in a statement.

Cryptocurrency exchange chief Changpeng Zhao said at a conference in Abu Dhabi last week that industry players have shown strong interest in a recovery fund he is set to launch to help cryptocurrency projects facing liquidity shortages following the FTX collapse.

The fund will help “mitigate further negative impact of the FTX collapse.”

Several cryptofirms have already suffered from the effects of the FTX crash, and many of them by millions of dollars.