Key Points:
- Cryptocurrency firms collaborate on “Crypto Aid Israel” to assist displaced Israeli citizens.
- A multi-signature wallet accepts various cryptocurrencies for donations.
- Funds will be directed to Israeli nonprofits for distribution to affected families.
In response to the recent wave of attacks impacting innocent civilians, various cryptocurrency enterprises have united with a shared goal: assisting those affected.
The Israel-Hamas conflict outbreak has spurred multiple cryptocurrency firms, including MarketAcross, Collider Ventures, and the Israel Blockchain Association, to establish “Crypto Aid Israel,” a global initiative committed to aiding displaced Israeli citizens who are in dire need of humanitarian assistance.
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 overseeing a multi-signature wallet managed by various entities, including crypto security firm Fireblocks. This wallet is open to receiving contributions in various cryptocurrencies, including Bitcoin, ETH, and stablecoins like USDT and USDC, with plans to incorporate additional assets.
A minimum of four out of seven authorized signatures are necessary to execute fund transfers, which will be subject to control and oversight by multiple Israeli banks and regulatory bodies. These entities are likely to facilitate the secure transfer of assets to designated banking channels.
The funds collected will be directed to Israeli nonprofit organizations, which will subsequently distribute the donations to families who have been displaced from southern Israel. The organization comprising 42Studio, MarketAcross, Collider Ventures, and CryptoJungle has indicated ongoing discussions with various Israeli government agencies interested in supervising the fund allocation process.
Crypto Aid Amidst Conflict
During a surprise attack launched by the Islamist militant group Hamas, deadly airstrikes struck civilian areas on a Saturday. Simultaneously, reports emerged of Hamas militants reportedly abducting numerous Israeli citizens in Gaza. According to recent reports from the Israeli news outlet Haaretz, the attack has resulted in the loss of at least 900 Israeli lives.
“We aim to gather the essential funds to provide sustenance and shelter to families who have lost their homes. Additionally, we aspire to furnish hygiene and medical supplies to the beleaguered Israeli civilian population,” stated Ben Samocha, CEO of CryptoJungle.
This endeavor is not the first instance of cryptocurrency firms and local communities collaborating to assist displaced individuals during times of conflict. In early 2022, Ukrainian authorities worked alongside cryptocurrency companies to establish crypto wallets for receiving donations.
Reports indicate that over $100 million was donated to Ukraine’s military and humanitarian relief efforts in the initial months of the conflict. Since the commencement of the war, the total donations have surpassed $225 million.
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