As death tolls continue to climb and violence spreads in the rapidly escalating clash between Israel and Gaza that broke out on Saturday, cryptocurrency has emerged as a go-to fundraising tool across the region. 

On Monday, a coalition of Israeli crypto executives announced the creation of Crypto Aid Israel, a fund designed to collect donations in 12 cryptocurrencies from across the world. The industry leaders plan to distribute funds to Israelis impacted or displaced by the weekend’s violence. 

On Saturday, hundreds of Palestinian fighters linked to the militant group Hamas, which controls Gaza, bulldozed through barricades that separate the territory from southern Israel in a surprise attack and attempted to take over several settlements. About 800 Israelis were killed and at least 150 were taken hostage by the militants, according to the Israeli government.

The team behind Crypto Aid Israel says it will send crypto donations it raises to Israeli nonprofits, which will in turn aid families that fled southern Israel for Tel Aviv, Israel’s largest city, without packing necessities such as food and clothing. The aid group, which is comprised of executives from Israeli crypto companies including 42Studio, MarketAcross, Collider Ventures, and CryptoJungle, also says it has been in contact with multiple Israeli government agencies interested in overseeing the disbursement of funds raised by the group. 

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Author: Sander Lutz

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