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Local Web3 Leaders Launch 'Crypto Aid Israel' to Provide Humanitarian Aid

The funds raised by Crypto Aid Israel will be donated to Israeli nonprofits providing aid to families impacted by the conflict

Shashank Bhardwaj
Published: Oct 11, 2023 10:55:35 AM IST
Updated: Oct 12, 2023 10:57:08 AM IST

Image: Shutterstock

Following the Israel - Hamas war outbreak, a collective of local leaders in the web3 space have joined forces to establish a global fundraiser called ‘Crypto Aid Israel.’ The fundraiser is dedicated to raising funds globally for displaced Israeli citizens in dire need of humanitarian assistance.

The initiative is a collective effort of several Israeli crypto firms such as 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, BlockchainB7, Efficient Frontier, Ironblocks, Israel Blockchain Association, and Bits Of Gold. 

The Crypto Aid Israel team is collaborating with Israeli government agencies and banks to ensure smooth and transparent handling of crypto donations. This marks the first time banks may serve as a bridge for these assets. 

The team has also accepted the help of Fireblocks, a crypto safekeeping specialist firm, in managing the crypto assets. The organisation hosts a multi-signature wallet controlled jointly by multiple parties to collect donations from the Israelis. 

The donations are accepted in over a dozen forms of crypto, including Bitcoin (BTC), Ether (ETH), and dollar-linked stablecoins USDT and USDC. A strict policy is in place that says at least four out of seven signatories must agree to move funds from this wallet.

CryptoJungle CEO Ben Samocha stated, “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.”

At the time of writing, the death toll in Israel has surpassed 800 after an unexpected attack by Hamas. Similarly, the death toll in the Gaza Strip has climbed up to 687, as per official reports. The civilian population has been severely affected, with many casualties reported. The conflict has also caused widespread damage to infrastructure and property.

Amidst all this chaos, the Crypto Aid Israel is a relief for those in distress. By using crypto to raise funds and provide aid, the Crypto Aid Israel team has showcased the potential of web3 to make a positive impact on the world. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash