Crypto companies have come together in a bid to help civilians who’ve fallen victim to the recent attacks.
The outbreak of the Israel-Hamas war has prompted several cryptocurrency firms, including MarketAcross, Collider Ventures, and the Israel Blockchain Association, to establish Crypto Aid Israel, a global fundraiser that seeks to help displaced Israeli citizens in need of humanitarian help.
Thousands of Israeli lives have been destroyed by Hamas 💔
Israel WILL prevail 💪, but we need your help!
Send your crypto to help the victims who need it most.
Crypto unites with Israel 🇮🇱https://t.co/NAQCgDpTr2#CryptoAidIsrael pic.twitter.com/wH8KhYSABI
— CryptoAidIsrael (@CryptoAidIsrael) October 9, 2023
The Web3 alliance is managing a multi-sig wallet controlled by multiple entities, including crypto safekeeping firm Fireblocks. It will accept donations in multiple cryptocurrencies, including Bitcoin, ETH, and stablecoins such as USDT and USDC, with more assets coming in.
At least 4 out of 7 signatories are required to move the funds, which will be controlled and managed with the help of several Israeli banks and regulators. These entities will most likely create a bridge to transfer those assets to the banks.
The funds will be donated to Israeli nonprofits, and they will distribute the donations to families that fled southern Israel. According to the organization —42Studio, MarketAcross, Collider Ventures, and CryptoJungle — said it’s in contact with multiple Israeli government agencies interested in overseeing the disbursement of funds.
Crypto Aid in Times of War
In early Saturday, the islamist militant group Hamas launched a surprise assault through lethal airstrikes into civilian ground. Meanwhile, Hamas gunmen have reportedly abducted dozens of Israeli citizens in Gaza. According to recent reports from Israeli news source Haaretz, at least 900 Israelis have been killed as a result of the attack.
“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.” Said Ben Samocha, CEO of CryptoJungle.
This is not the first time cryptocurrency companies and local communities and institutions join forces in order to help displaced citizens during war. Back in early 2022, Ukrainian officials worked with cryptocurrency companies to set up wallets in which to send crypto donations.
As CryptoPotato reported, over $100 million were donated to Ukraine’s military forces and humanitarian aid during the first months of the outbreak back then. So far, donations have reached over $225 million since the beginning of the war.