Cryptocurrency companies come together to provide humanitarian aid to Cryptocurrency scrgruppen

The outbreak of war between Israel and Hamas prompted several cryptocurrency companies, including MarketAcross, Collider Ventures, and the Israel Blockchain Association, to create Crypto Aid Israel, a global fundraising organization that seeks to aid displaced Israeli citizens in need of humanitarian assistance.

Hamas has destroyed the lives of thousands of Israelis

Israel will win , but we need your help!

Send your cryptocurrencies to help victims who need them most.
Cryptocurrencies unite with Israel https://t.co/NAQCgDpTr2#CryptoAidIsrael pic.twitter.com/wH8KhYSABI

— CryptoAid Israel (@CryptoAid Israel) October 9, 2023

The Web3 Alliance operates a multi-signature wallet controlled by multiple entities, including cryptocurrency custodian Fireblocks. It will accept donations in multiple cryptocurrencies, including Bitcoin, ETH, and stablecoins like USDT and USDC, with more assets arriving.

At least 4 out of 7 signatories are required to transfer funds, which will be controlled and managed with the help of several Israeli banks and regulators. These entities are likely to create a bridge to transfer those assets to banks.

The funds will be donated to Israeli non-profit organizations, and they will distribute the donations to families who have fled southern Israel. According to the organization — 42Studio, MarketAcross, Collider Ventures, and CryptoJungle — it said it is in contact with several Israeli government agencies interested in overseeing the disbursement of funds.

Cryptography helps in times of war

Early Saturday, the Islamist militant group Hamas launched a surprise attack with deadly airstrikes on civilian territory. Meanwhile, Hamas gunmen reportedly kidnapped dozens of Israeli citizens in Gaza. According to recent reports from Israeli news source Haaretz, at least 900 Israelis were killed as a result of the attack.

“We hope to raise funds to provide food and shelter to families who have lost their homes. We also hope to provide hygiene products and medical products to the Israeli civilian population that is being bombed,” said Said Ben Samocha, CEO of CryptoJungle.

This is not the first time that cryptocurrency companies, communities and local institutions have collaborated to help citizens displaced during war. In early 2022, Ukrainian officials worked with cryptocurrency companies to create wallets through which to send cryptocurrency donations.

As CryptoPotato reported, more than $100 million was donated to Ukrainian military forces and humanitarian aid during the first months of the outbreak at the time. Donations have so far reached more than $225 million since the beginning of the war.