Several crypto firms, including FireBlocks, MarketAcross, 42Studio, Collider Ventures, and Crypto Jungle, have joined forces to initiate a humanitarian aid campaign called ‘Crypto Aid Israel’ in response to the current war between Israel and Hamas.
This campaign aims to provide support and relief to Israeli citizens who have been displaced and impacted by the war.
According to a report from Crypto Aid Israel, the focus is on fundraising, with Crypto Aid Israel collecting donations in various cryptocurrencies, such as Bitcoin, Ethereum, and stablecoins like Tether and USD Coin.
To ensure the security of these funds, a multi-signature wallet will be employed, which involves multiple parties jointly controlling it. Fireblocks, a company specializing in safeguarding cryptocurrencies, has been entrusted with managing these digital assets.
Israeli banks and regulatory authorities are stepping forward to facilitate the transfer of crypto donations for the first time, marking a significant development in their involvement with digital assets.
The initiative has implemented strict protocols, requiring at least four out of seven authorized signatures for any fund withdrawals from the wallet.
The CEO of CryptoJungle, Ben Samocha, highlighted that the primary objective of Crypto Aid Israel is to raise essential funds to provide Israeli families who have lost their homes with necessities such as food, shelter, hygiene items, and medical supplies.
He stated, “We hope to raise the necessary funds to provide food and shelter for families who lost their homes. We are also hoping to provide hygiene and medical products for the bombarded Israeli civilian populace and to raise awareness for the horrors the Israeli people are facing right now.”
Since the outbreak of the conflict on October 7, 2023, the toll has been heavy, with over 800 Israelis losing their lives, more than 2,600 Israelis injured, and 100 Israeli hostages taken into Gaza.
Crypto Aid Israel endeavors to unite the global cryptocurrency and web3 communities to support those affected by this tragic crisis.
Earlier, The Ukrainian government and NGOs raised over $18.9 million in donations in crypto to provide strength to the country against Russian aggression.
