Amidst the ongoing Israel-Hamas conflict, the crypto and web3 communities have united to create Crypto Aid Israel, an initiative dedicated to raising funds to aid Israeli citizens who have been displaced and require humanitarian assistance.
Crypto Aid Israel is establishing a multi-signature wallet, jointly controlled by multiple stakeholders, to accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and dollar-linked stablecoins like USDT and USDC, as disclosed in an official press release.
Notably, several Israeli banks and regulatory bodies have stepped forward to facilitate the smooth transfer of cryptocurrency donations. In a significant development, these banks are expected to serve as a bridge for transferring crypto assets into the traditional banking system, as confirmed by an insider familiar with the initiative.
Taking on the responsibility of managing these crypto assets is Fireblocks, a specialist firm in crypto safekeeping, as detailed in a press release.
To ensure the highest level of security, Crypto Aid Israel has implemented a rigorous policy mandating the consensus of at least four out of seven signatories to authorize the movement of funds from the wallet.
The founding members of this humanitarian alliance include Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association.
Ben Samocha, CEO of CryptoJungle, shared the organization’s mission, stating, “We aim to raise essential funds to provide food and shelter for families who have lost their homes. Additionally, we aspire to supply hygiene and medical products to the beleaguered Israeli civilian population while raising awareness of the hardships faced by the Israeli people.”
Since the conflict’s commencement on Saturday, more than 800 Israelis have tragically lost their lives, with over 2,600 individuals sustaining injuries. Moreover, over 100 people have been taken hostage in Gaza.
Disclaimer: This article serves as an informative piece and should not be regarded as financial or humanitarian advice. The opinions and viewpoints expressed in this article belong to the individuals and organizations mentioned and do not necessarily reflect the perspectives of Clout Scoop News or its affiliates. Readers are encouraged to verify information and consider supporting legitimate humanitarian endeavors.
