Members of Israel’s crypto communities have announced the formation of a new humanitarian initiative named Crypto Aid Israel. This new organization aims to provide financial assistance to Israeli citizens who have been affected by the ongoing conflict with Hamas. To facilitate this, Crypto Aid Israel will operate a multi-signature wallet that can accept donations in various cryptocurrencies. Currently, Bitcoin (BTC), Ether (ETH), and Tether (USDT – ERC20) are supported, but support for other cryptocurrencies should be coming in the near future.
According to a report by CoinDesk published earlier today, Israeli financial institutions and regulatory bodies are actively supporting this crypto-based humanitarian effort. An insider revealed that, for the first time, these banks are likely to act as intermediaries, enabling the transfer of cryptocurrency donations into their systems.
Fireblocks, a company specializing in the secure storage of crypto assets, has also joined the initiative. They will be responsible for managing the donated cryptocurrencies. Crypto Aid Israel has implemented a stringent policy for fund transfers, requiring approval from at least four out of seven authorized signatories to move assets out of the multi-signature wallet.
The alliance has already attracted several members, including Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association. Ben Samocha, the CEO of CryptoJungle, stated that the primary goal is to gather sufficient funds to offer food and shelter to families who have lost their homes due to the conflict. Additionally, the initiative aims to supply essential hygiene and medical products to the Israeli civilian population affected by the Hamas attacks while raising awareness about the challenges they are currently facing.
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