On Monday, Israeli crypto and Web3 companies launched an aid organization called Crypto Aid Israel that will help raise funds for Israeli citizens who have been displaced or are in need of aid after the outbreak of a conflict with Palestinian militant group Hamas.
Crypto Aid Israel will host a multi-signature wallet that will collect donations in Bitcoin (BTC), Ether (ETH), Tether (USDT) and Circle USD (USDC). Leading Tel Aviv-based crypto custody and settlement platform Fireblocks is providing the wallet interface that will require digital signatures from multiple people before transactions can be executed.
Israeli Web3 Firms Establish Crypto Fund To Provide Humanitarian Aid To War Victims
According to a statement released by the organization, a strict policy has been implemented to require approval from at least four out of seven signatories to transfer funds out of the wallet.
So far Israeli Web3 firms, including Collider Ventres, Market Across, Crypto Jungle, 42Studio, Nilos, Blockchain B7, Efficient Frontiers, Ironblocks, and the Israel Blockchain Association have signed up to become part of the alliance and help manage the collection and distribution of the fund and also make donations. Numerous Israeli banks and government agencies have also stepped in to assist with the distribution of financial aid.
According to reports, for the first time in the nation’s history, domestic banks are set to provide a token bridge that will help move the crypto assets directly to bank accounts.
Ran Goldi, the senior vice president and head of payments at Fireblocks highlighted the significance of crypto being one of the most direct ways to provide aid to those most in need. He added that Crypto Aid Israel is supporting on-ground efforts to help provide food, shelter, and other necessities to people displaced by the horrific attack.
Meanwhile, Ben Samocha, the CEO of Crypto Jungle, said that his company hopes to raise the funds necessary to provide food and shelter for families that lost their homes. The crypto alliance is also supplying hygiene and medical products and will raise awareness of the dangers faced by the Israeli people.
As of Tuesday, October 10, Crypto Aid Israel has raised $41,000 in donations. Meanwhile, Bloomberg reported that venture capital firm Insight Partners has pledged $1 million to humanitarian aid work in the country.
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Hamas Conducts Surprise Attack On Israel, Killing 600 Civilians
Hamas, the militant group governing the sovereign territory of Palestine, launched a surprise attack on Israel on Saturday. The bombardment has led to Israel declaring war on Palestine and attacking strategic bases in the Gaza Strip. So far over 1,000 deaths and 2,000 casualties have been reported from the conflict, which is said to be the biggest attack on Israel since the nation’s founding.
Armed attackers stormed into a music festival in Southern Israel on the weekend, killing an estimated 260 people and taking hundreds of Israeli men, women, and children hostage.
However, the international community says the attacks were provoked by the Israeli government. Palestine, especially the Gaza Strip, has been subject to years of land, air, and sea blockades imposed by the Israeli government, which has frequently attacked the territory, impacting its 2.3 million inhabitants.
Israel’s actions in Palestine have been criticized by human rights organizations for causing a “devastating humanitarian impact”.
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