Israeli crypto groups establish Crypto Aid Israel

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Israeli crypto groups establish Crypto Aid Israel

Crypto and web3 communities in Israel said Monday they will establish Crypto Aid Israel to raise funds for Israeli citizens who have been displaced and in need of humanitarian aid due to the outbreak of war with Hamas.

Crypto Aid Israel announced in a press release that it will host a multi-signature wallet, controlled jointly by multiple parties, to collect donations in multiple cryptocurrencies, including bitcoin and ether and the dollar-linked stablecoins USDT and USDC.

The flow of these crypto donations has been facilitated by a range of Israeli banks and regulatory agencies. For the first time, these banks will most likely provide a bridge to transfer those crypto assets to the banks, according to a source close to the initiative.

Crypto Aid Israel said that the company is providing services to Israelis.

The alliance has so far included Fireblocks, MarketAcross, Collider Ventures, CryptoJungle and the Israel Blockchain Association.

Over 800 Israelis have died and more than 2,600 people are wounded, with more than 100 people kidnapped into Gaza.