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In Just 10 Days, Crypto Aid Israel Collects $185K And Gives Aid To 4 Groups

2023-10-20 16:28:10

The group is an alliance of Israeli Web3 residents and foreign corporations working to lessen hardship in Israel's southern region.

Source: www.middleeastmonitor.com


Although it was founded just over a month ago, the Crypto Relief Israel cooperative has contributed over $185,000 and given relief to a number of humanitarian groups. The charity has already distributed about $50,000 (200,000 NIS) in two phases of donations. The Foundation for Advancing Citizens of Eshkol Regional Parliament, which has given people residing near to Gaza transit and housing, is one volunteer organization that has benefited from its activities. Zaka got funding to buy medical supplies and safety equipment for its front-line employees. Lev Echad by Or Hanegev veHagalil, a nonprofit organization that often deals with at-risk adolescents, has received funding for food, hygiene items, and clothing for those living in locations close to Gaza who choose to stay in such places in order to defend and assist the community.


The money is being used by Latest for a massive effort to supply food and hygiene supplies to southern Israeli residents who still live there or have been moved. “We think that, while first humble, the crypto route is essential, quick, and creative and will allow others to join our global community while helping Israel in such a crucial hour”, stated Eyal Gura, consultant to Latet on cryptocurrency and other digital projects. Through its website, Crypto Aid Israel accepts contributions to a multisignature account. Due to fraudulent assaults, the charity advises donors to proceed with caution. The Israeli Web3 group spearheaded the Crypto Aid Israel effort, with business assistance as well. KPMG, a leading global accountancy company, helped with marketing and funding. Various businesses, including Zengo, Fuse, Wonderland, Psagot Equity, and others, have also donated.


A fresh effort is being made to prevent the use of cryptocurrency for terrorism. Hamas-related wallets have been blocked by Exchanges. A cryptocurrency operation in Gaza with connections to Hamas has been sanctioned by the Financial Crimes Enforcement Network of the US Treasury Department, which has also put forward a regulation designating cryptocurrency mixing as a primary laundering of funds issue. On October 17, more than 100 American legislators wrote to the Treasury Department to inquire about the use of cryptocurrency in funding terrorists.


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