TL;DR Breakdown
- Israeli Web3 leaders launch the Crypto Aid Israel fund amid Hamas conflict.
- The initiative aims to support displaced Israelis using Bitcoin, Ethereum, USDT, and USDC.
- Kim Bazak confirms that $54,000 has already been raised, with growing interest in large contributions.
In the wake of escalating conflict with Hamas, a collective of Israeli leaders in the Web3 and crypto domain have initiated the Crypto Aid Israel fund. This fund aims to extend humanitarian support to Israelis displaced by the ongoing strife.
The fundraising drive, which commenced on October 9, is set to gather donations in several cryptocurrencies. Bitcoin, Ethereum, Tether (USDT), and USD Coin (USDC) are among the accepted digital currencies. Significantly, multiple Israeli banks have stepped forward to facilitate the seamless transfer of these crypto assets for charitable purposes.
Kim Bazak, one of the project’s founders, revealed that they’ve already amassed $54,000 in donations. Moreover, there’s a growing interest with numerous requests to process substantial contributions. However, the organization emphasizes the importance of trust. They are committed to ensuring that every donation reaches the intended beneficiaries.
To bolster security, Fireblocks, a renowned crypto custody firm, will oversee the storage and management of the crypto assets. Additionally, a stringent policy is in place. It mandates the approval of at least four out of seven signatories to transfer funds from the wallet. This measure is crucial, especially since the organization has already alerted potential donors about possible phishing threats and deceptive links. Hence, they’ve advised donors to be vigilant and only utilize wallet addresses listed on their official website.
Several prominent entities, including 42Studio, MarketAcross, and the Israel Blockchain Association, are partners in this noble endeavor. Ben Samocha, the CEO of CryptoJungle, expressed the collective’s aspiration. He said, “We aim to gather sufficient funds to offer food and shelter to families who’ve lost their homes due to the conflict.”
Recent reports shed light on the gravity of the situation. Over the past weekend, armed assailants targeted a music festival in southern Israel, resulting in the tragic loss of approximately 260 lives. According to Crypto Aid Israel, the conflict has claimed the lives of over 900 Israelis and left more than 2,000 injured.
Cryptocurrencies have previously proven their efficacy in facilitating donations for various global crises, including the war in Ukraine and earthquake relief efforts. Their advantages over traditional banking systems, which often come with multiple restrictions, are evident. Consequently, on October 10, Insight Partners, a venture capital firm, pledged a generous donation of $1 million towards humanitarian efforts in Israel, as reported by Bloomberg.
However, the ongoing conflict has also impacted the crypto market. Analysts have observed heightened market volatility, with the crypto market losing over $25 billion since the weekend’s tragic events.
