Crypto safekeeping specialist firm Fireblocks will be leading this initiative and has stepped in to manage the crypto assets.
On Monday, October 9, the cryptocurrency and Web3 community of Israel announced that they have established Crypto Aid Israel in order to raise funds for Israeli citizens. This new fundraiser seeks to help all the displaced people with the goal of offering humanitarian aid amid the outbreak of war with Hamas.
The organization is set to establish a multi-signature wallet, jointly controlled by various stakeholders, to gather contributions in a variety of cryptocurrencies. This includes cryptos such as Bitcoin (BTC), Ethereum (ETH), and dollar-pegged stablecoins like USDT and USDC.
This initiative, as detailed in a press release from Crypto Aid Israel, has garnered support from several Israeli banks and regulatory bodies. Interestingly, these banks will facilitate the transfer of these crypto donations into the traditional banking system, for the very first time.
This step highlights Israel’s forward-thinking stance towards the crypto space. It also showcases the country’s readiness to adopt digital currencies for altruistic objectives. With the increasing popularity of the “Crypto Aid Israel” initiative, it has the potential to serve as a source of inspiration, encouraging comparable endeavors not only within Israel but also on a global scale.
Fireblocks Leads the Crypto Aid Israel Initiative
Crypto Safekeeping specialist firm Fireblocks will be leading this initiative and has stepped in to manage the crypto assets. In the press release, Crypto Aid Israel noted:
“A strict policy has been implemented that requires at least of four out of seven signatories to move funds out of the wallet”.
The alliance currently comprises several members, including notable entities such as Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association. CryptoJungle CEO Ben Samocha said:
“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 and to raise awareness for the horrors the Israeli people are facing right now.”
During the war times, cryptocurrencies have come to the rescue of the victims. Back in March 2022, during Russia’s invasion of Ukraine, several Ukrainians raised millions of dollars in crypto aid to help the survivors.