In response to the ongoing war with Hamas, Israeli
crypto and web3 communities have joined forces for a humanitarian initiative to
raise funds to support Israeli citizens affected by the conflict.
Dubbed Crypto Aid Israel, this initiative involves a
multi-signature wallet that is jointly controlled by various parties, Coindesk
reported. The platform receives donations denominated in multiple
cryptocurrencies, such as Bitcoin, Ether, and dollar-pegged stablecoins, like
USDT and USDC.
Remarkably, Israeli banks and regulators have
stepped up to facilitate the flow of crypto donations. These financial
institutions will serve as a bridge to move crypto assets to banks, increasing
the efficiency of this humanitarian endeavor.
To ensure the security and management of these
crypto assets, Fireblocks, a crypto custody firm, has taken charge. Crypto Aid
Israel has implemented a policy requiring at least four out of seven
signatories to approve the movement of funds from the wallet, thus ensuring
transparency and accountability.
The collaborative effort includes other key players
in the crypto community, such as MarketAcross, along with Collider Ventures,
CryptoJungle, and the Israel Blockchain Association.
But even as Israel counters the impact of the war on the financial markets, Hamas has turned to cryptocurrency as an alternative source of
revenue, CNN reported. Investigations by the US Justice…
