Crypto Aid Israel was launched as an emergency initiative by Fireblocks, 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, BlockchainB7, Efficient Frontier, Ironblocks Israel Blockchain Association, and Bits Of Gold.
The fund will operate through a multi-signature wallet jointly controlled by multiple parties to collect donations in the form of Bitcoin, Ether, and the dollar-backed stablecoins USDT and USDC.
Fireblocks, a New York-based digital asset custodian, will manage the cryptocurrency donations, with the multi-signature wallet requiring at least four out of seven signatories to approve transactions, according to a press release from Crypto Aid Israel.
“We hope to raise the funds necessary to provide food and shelter to families who have lost their homes. We also hope to provide hygiene and medical products to bombarded Israeli civilians and to raise awareness of the horrors the Israeli people are currently facing,” said Ben Samocha, CEO of CryptoJungle, an Israel-based crypto news platform.
Israel declared war on Hamas on Saturday, October 7, 2023, after the militant group carried out attacks that caused at least 900 deaths in Israel, prompting retaliatory airstrikes that killed at least 687 people in Gaza.
Crypto fundraising for war victims received strong interest after Russia invaded Ukraine in 2022. Six months after the war, the Ukrainian government spent US$54 million raised through crypto donations to supply defenders with military equipment, clothing, medicine and vehicles.
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