The Israeli web3 community has initiated the "Crypto Aid Israel" cryptocurrency fund.

This fund is dedicated to raising financial support for Israeli citizens who require humanitarian aid.

The management of these assets falls under the responsibility of Fireblocks, a Web3 company based in Israel.

The organisation has established a multi-signature wallet to collect donations in various cryptocurrencies, including bitcoin (BTC), ether (ETH), as well as dollar-linked stablecoins such as USDT and USDC.

As of time of writing, the initiative has garnered 24.9 ETH worth of tokens (approximately 38,000 USD) and almost 0.1 Bitcoin (about 2,600 USD)

Collaborative Effort

Several Israeli banks and regulatory entities have stepped in to facilitate the handling of these crypto donations.

It is anticipated that, for the first time, these banks will play a role in transferring these crypto assets to traditional banking channels.

According to the website, the genesis of Crypto Aid Israel can be traced to the ongoing conflict in the region.

It is the collaborative effort of local leaders within the crypto community in response to this situation.

The primary objective of Crypto Aid Israel is to secure essential funds for displaced citizens who are currently experiencing severe humanitarian crises.