A collective of Israeli leaders in the Web3 and crypto space have joined together to establish the Crypto Aid Israel fund. The aim is to provide humanitarian assistance to citizens who have been displaced by the conflict.  

The crypto donation drive was launched on October 9 to raise funds for Israeli citizens who are in need of humanitarian aid due to the outbreak of war with Hamas. 

The organization will use a multi-signature wallet to collect donations denominated in a number of cryptocurrencies. These include Bitcoin, Ethereum, and stablecoins Tether (USDT) and USD Coin (USDC). Furthermore, several Israeli banks have agreed to assist with the flow of crypto assets for donations.  

Fireblocks, an institutional-grade cold storage and crypto custody firm, will store and manage the crypto assets. An organization spokesperson said: “A strict policy has been implemented that requires at least four out of seven signatories to move funds out of the wallet.” The organization has already warned about phishing attacks and fraudulent links. It urged donors to double-check and only use wallet addresses on its website.  

Partners in the project include 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, Blockchain B7, Efficient Frontier, Ironblocks, and the Israel Blockchain Association. 

“We hope to raise the necessary funds to provide food and shelter for families who lost their homes,” said CryptoJungle CEO Ben Samocha.  

According to AICoin, Crypto Aid Israel had raised $41,000 by Tuesday morning. BeInCrypto reached out to Crypto Aid Israel for further details but had not heard back at the time of writing.   

According to reports, armed attackers stormed a music festival in southern Israel, killing an estimated 260 people over the weekend. Crypto Aid Israel reports that the attacks have killed at least 600 Israelis and wounded over 2,000. Charity Donations Crypto has been used for charity donation drives for the war in Ukraine, earthquake relief, and other natural disasters. It is faster, cheaper, and more efficient than using banks, which have multiple layers of restrictions these days.  

On October 10, the leadership of the venture capital firm Insight Partners pledged to donate $1 million to humanitarian aid work in Israel, according to Bloomberg.  

Additionally, analysts have forecast increased market volatility due to the latest conflict. Moreover, crypto markets have already reacted, shedding over $25 billion since the weekend. 

Source : BeInCrypto by Martin Young / October 10, 2023