Israel’s crypto and web3 communities have launched the Crypto Aid Israel to show solidarity towards the recent attacks on the country by Palestinian Islamic militant group Hamas. On the morning of October 7, 2023 air-raid sirens of started ringing which alarmed Israeli citizens of an ongoing attack. Hamas fired more than 3,000 rockets towards central and southern Israel.
The Crypto Aid Israel initiative by crypto and web3 communities has set up a multi-signature wallet which is jointly controlled by multiple stakeholders. It will accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and dollar-linked stablecoins like USDT and USDC. The choice of coins will ensure transparency and accountability of funds.
The flow of these cryptocurrency donations has also been greatly aided by Israeli banks and regulators. These financial institutions are serving as bridges for the first time so that cryptocurrencies can be smoothly transferred to their counterparts.
Fireblock, a well-known crypto custody firm has been enlisted as the primary service provider for the Crypto Aid Israel initiative. They will ensure that incoming crypto donations are securely stored and efficiently transferred to those in need.
Ben Samocha, CEO of CryptoJungle, also expressed the firms mission during these times, 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.”
Crypto donations for war in Ukraine
This initiative in Israel mirrors the remarkable support received by Ukraine during its own time of crisis. According to Chainalysiscrypto donations for Ukraine had surpassed $70 million as of February 2023, a year into the Russian-Ukraine war. Bitcoin and Ethereum emerged as the preferred choices for donors.
Ukraine’s Vice Prime Minister, Mykhailo Fedorov, revealed that these crypto donations have been pivotal while procuring vital resources. Notably, $11.8 million was allocated for an unmanned aerial vehicles (drones), $5.7 million for computer hardware and software, and $6.9 million for armored vests.
In a world where blockchain and cryptocurrencies often carry a shady reputation, these heartwarming initiatives should change or at least impact the criticisers.
As the world watches, Crypto Aid Israel and Ukraine’s crypto support serve as beacons of hope amidst times of adversity. It shows how in times of need, decentralized technology unites people across borders.