Over 30 Crypto Companies Collaborate to Provide Aid in Israel

• Cryptocurrency provides an important channel for providing aid to war victims.
• Crypto leaders in Israel have joined hands to provide aid to victims of the recent attack.
• Over $200,000 has been raised in aid by members of the Web3 and crypto community.

According to Eyal Gura, Crypto and New Digital Initiatives advisor to Latet, cryptocurrency provides an important channel that enables contributors to join the global aid support program. Gura made the statement while addressing the Crypto Aid Israel program to support Israelis affected by the ongoing wave of Hamas terrorism.

Itai Elizur from Market Across, one of the blockchain-focused platforms involved in the Crypto Aid Israel project, told Coinedition that several local leaders within the crypto space in Israel have joined hands to provide aid to victims of the recent attack. According to him, over $200,000 has been raised for this purpose, predominantly by members of the Web3 and crypto community. This is happening while the mainstream channels for providing aid are only beginning to make minor inroads into the war torn region in an attempt to help the trapped civilian population.

According to reports, the Crypto Aid Israel initiative has attracted more than 30 companies, including a notable participation by KPMG, whose role is to provide assistance with fundraising and distributions. Zengo, Fuse, Wonderland, Psagot Equity, and several others have also joined the aid program by providing awareness or making financial contributions.

As of the time of writing, Latet, an Israeli non-profit organization (NGO), and three other NGOs are participating fully in the effort to provide aid and relief materials to the affected victims. The three other NGOs working in the program include Zaka, Foundation for Advancing Citizens of Eshkol Regional Council, and Lev Echad by Or Hanegev veHagalil. Each of these NGOs function in specialized areas to ensure that affected locals get the needed support until peace is restored within the region.

Despite the positivity recorded by the crypto industry as a reliable channel for providing aid in difficult times, there have been records of some setbacks. According to reports, Crypto Aid Israel has been the subject of serious phishing attacks, prompting the organization to step up vigilance on the project’s platform. A brief disruption of the project’s website’s service was promptly addressed amid growing concerns about potential fraudulent activities masquerading as Crypto Aid Israel.

The support program has completed two rounds of distribution as of the time of writing. According to Tim Freed, a senior leader within Crypto Aid Israel, the team is determined to continue in their efforts at providing aid and relief to those in need.