Crypto Aid Israel, a fund supporting war-affected individuals, utilizes a multi-signature wallet for receiving Bitcoin, Ether, and stablecoin donations. Fireblocks, a New York-based digital asset custody service, manages the crypto donations with stringent security measures.
In response to the ongoing conflict, Israeli cryptocurrency firms have launched Crypto Aid Israel, an emergency fund aimed at helping those impacted by the war. The fund operates through a multi-signature wallet that accepts donations in Bitcoin, Ether, and stablecoins.
Fireblocks, a reputable digital asset custody service headquartered in New York, will oversee the management of cryptocurrency donations. The multi-signature wallet ensures a high level of security, requiring the approval of at least four out of seven designated signatories to process transactions.
Ben Samocha, CEO of CryptoJungle, an Israel-based crypto news platform, expressed the fund’s mission, stating, “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.”
The conflict arose after Israel declared war on Hamas following a devastating attack that resulted in over 900 casualties in Israel, prompting a retaliatory airstrike in Gaza that claimed the lives of at least 687 people.
This initiative follows the trend of crypto fundraising for war victims, which gained significant traction after Russia’s invasion of Ukraine in 2022. In that case, funds raised through crypto donations played a vital role in supporting Ukrainian defenders with essential supplies, including military equipment, clothing, medicine, and vehicles.