Crypto and web3 groups establish crypto Aid Israel

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Crypto and web3 groups establish crypto Aid Israel

Crypto and web3 communities in Israel said Monday they have established 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 has announced that Crypto Aid Israel will host a multi-signature wallet - controlled jointly by multiple parties - to collect donations denominated in multiple cryptocurrencies, including bitcoin and ether as well as the dollar-linked stablecoins USDT and USDC.

With the help of a number of Israeli banks and regulatory agencies, Israel's cryptocurrency donations have been streamed across the country. 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.

Fireblocks, a crypto safekeeping specialist firm, has taken over managing those crypto assets, according to a press release.

Crypto Aid Israel said that the agency's mission had been to help Israelis overcome the cryptocurrency crisis.

Fireblocks as well as MarketAcross, Collider Ventures, CryptoJungle and the Israel Blockchain Association have already joined the alliance.

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