Crypto and web3 communities in Israel said Monday they have established Crypto Aid Israel, to raise funds for Israeli citizens who have been displaced and in need of humanitarian aid due to the outbreak of war with Hamas.
The organization will host a multi-signature wallet – controlled jointly by multiple parties – to collect donations denominated in multiple cryptocurrencies, including bitcoin (BTC) and ether (ETH) as well as the dollar-linked stablecoins USDT and USDC, according to a press release from Crypto Aid Israel.
Numerous Israeli banks and regulators have stepped in to assist with the flow of these crypto donations. According to a source close to the initiative, for the first time, these banks will most likely provide a bridge to move those crypto assets to the banks.
Fireblocks, a crypto safekeeping specialist firm, has stepped in to manage those crypto assets, according to a press release.
“A strict policy has been implemented that requires at least of four out of seven signatories to move funds out of the wallet,” Crypto Aid Israel said.
A couple of members of the alliance so far include Fireblocks as well as MarketAcross, Collider Ventures, CryptoJungle and Israel Blockchain Association.
"We hope to raise the necessary funds to provide food and shelter for families who lost their homes," CryptoJungle CEO Ben Samocha said in the press release. "We are also hoping to provide hygiene and medical products for the bombarded Israeli civilian populace and to raise awareness for the horrors the Israeli people are facing right now."
Since the beginning of the war that started on Saturday, over 800 Israelis have died and more than 2,600 people are wounded, with over 100 people kidnapped into Gaza.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.