In response to the recent outbreak of hostilities between Israel and Hamas, several cryptocurrency companies, including MarketAcross, Collider Ventures, and the Israel Blockchain Association, have joined forces to establish Crypto Aid Israel. This global fundraiser aims to provide humanitarian assistance to displaced Israeli citizens affected by the conflict.
The Crypto Aid Israel initiative has garnered support from various entities within the cryptocurrency sector, with the Web3 alliance taking charge of a multi-signature wallet controlled by multiple participants. Notably, crypto safekeeping firm Fireblocks is among those overseeing this initiative. The multi-sig wallet is set up to accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USDT and USDC, with plans to incorporate additional assets in the future.
To ensure secure and responsible management of funds, the wallet requires at least four out of seven signatories to authorize any fund transfers. These funds will be managed in collaboration with Israeli banks and regulatory bodies, potentially facilitating the creation of a bridge for the seamless transfer of assets.
Crypto funds allocated to Israeli nonprofits
The primary objective of Crypto Aid Israel is to raise essential funds that will be allocated to Israeli nonprofits. These organizations will then distribute the donations to families who have been forced to flee their homes in southern Israel due to the conflict. Among the entities expressing interest in overseeing the disbursement of funds are multiple Israeli government agencies.
42Studio, MarketAcross, Collider Ventures, and CryptoJungle, the organizations spearheading the initiative, have committed to providing food, shelter, hygiene products, and medical supplies to Israeli civilians affected by the ongoing hostilities. The initiative has received support from the global crypto community, which is rallying to assist those in need during these trying times.
The conflict between Israel and Hamas escalated when the Islamist militant group launched a surprise assault through lethal airstrikes into civilian areas. Reports from Israeli news source Haaretz indicate that the attack has resulted in the tragic loss of at least 900 Israeli lives.
In addition to the airstrikes, Hamas militants have reportedly abducted dozens of Israeli citizens in Gaza. As a result, thousands of lives have been disrupted, with many families forced to leave their homes in search of safety and refuge.
Ben Samocha, CEO of CryptoJungle, expressed the initiative’s mission, stating, “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.”
This initiative is not the first instance of cryptocurrency companies and local communities joining forces to assist displaced citizens during times of conflict. In early 2022, Ukrainian officials collaborated with cryptocurrency companies to establish wallets for receiving crypto donations.
During the initial months of the outbreak, over $100 million in crypto donations were contributed to Ukraine’s military forces and humanitarian aid efforts. Since then, the outpouring of support has continued, with donations exceeding $225 million to date, underscoring the global crypto community’s commitment to making a positive impact during crises.
