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On Monday, the crypto and web3 communities in Israel jointly announced the establishment of "Crypto Aid Israel," an initiative aimed at providing assistance to Israeli residents affected by the recent conflict with Hamas.
Crypto Aid Israel will feature a multi-signature wallet overseen by various stakeholders to facilitate the receipt of contributions in a range of cryptocurrencies, including Bitcoin and Ether, as well as stablecoins like USDT and USDC. Several Israeli banks and regulatory bodies are collaborating to ensure the success of this effort, marking a significant development where banks play a pivotal role in transferring crypto donations to traditional banking channels.
Fireblocks, a renowned company specializing in secure digital asset management, will handle the cryptocurrency donations.
To maintain the integrity and security of the wallet, Crypto Aid Israel has implemented a rigorous protocol requiring the consensus of at least four of the seven signatories for funds to be transferred from the wallet.
Among the initial members of this initiative are notable entities such as Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association.
Ben Samocha, CEO of CryptoJungle, expressed the alliance's goals in a statement, emphasizing their aim to gather sufficient resources to provide essentials such as food and shelter to families left homeless by the conflict. Additionally, they plan to supply medical and hygiene products to Israeli civilians affected by the bombings while raising awareness about the challenges they currently face.
The conflict that erupted last Saturday has tragically resulted in over 800 Israeli casualties and more than 2,600 injuries. Reports also suggest that over 100 individuals have been abducted into Gaza. Crypto Aid Israel seeks to provide support to those affected by the ongoing crisis.
