Altcoins Can Now Be Swapped for ETH Donations to Ukraine

Altcoins Can Now Be Swapped for ETH Donations to Ukraine

Altcoins Can Now Be Swapped for ETH Donations to Ukraine

Wars have always affected common people the most. The Russia-Ukraine war is no different in this sense. Outsiders can become heroes by making generous donations to the Ukrainian Government. One way is to leverage their Crypto holdings.

The Ukrainian Government published a tweet recently asking people to stand with Ukrainians. The tweet added that the Ukrainian Government was now accepting Cryptocurrency, including Bitcoin, USDT, and Ethereum.

However, the address shared by the Ukrainian Government only showed acceptance of these three Cryptocurrencies, making it difficult for others to donate their holdings.

ERC-20 Token Holders Can Now Donate For Ukraine

In a much-needed sign of relief for everyone, Uniswap has launched an interface that enables people to swap their ERC-20 tokens for Ether (ETH). This will allow them to make generous donations to the Ukrainian Government.

The update certainly has a positive effect on the trading price of ETH. It currently stands at $3,005.42, steady at 3.76% since the past 24 hours. The prevailing ETH price prediction estimates ETH to exchange hands with a value of $7,500 by the end of 2022.

This can also be taken in the sense that the donation amount, when converted to the US Dollar, will ultimately release a large payout in the future.

The Uniswap team responded to the tweet published by the Ukrainian Government, saying that the wallet addresses shared by the Ukrainian Government appeared to accept only Bitcoin, Ethereum, and USDT. The team then added that it had built an interface for others to donate as well.

In another tweet published by the Uniswap team, it said that the team had built an interface for everyone who wants to donate other ERC-20 tokens to the Ukrainian Government. The interface will allow them to swap their ERC-20 tokens for ETH and send them directly to the Ukrainian Government in a single transaction.

ERC-20 tokens that can now be swapped for ETH are Aave, Chainlink’s LINK, Decentraland’s MANA. In other words, the launch of this interface by the Uniswap team simplifies the donation process while allowing a larger portion of the population to donate to the Ukrainian Government.

Only a limited number of digital token holders could have been able to donate their holdings. After the launch of the interface by the Uniswap team, the base has extended to cover more Crypto holders allowing them to tap once and contribute to making the lives of Ukrainians better.

The Ukrainian Government has additionally rolled out the support for those who want to donate with Polkadot’s DOT. Gavin Wood, the Founder of Polkadot, personally donated $5.8 million worth of his DOT holdings to the Ukrainian Government.

Members of the Crypto community are coming forward to help Ukrainians in every possible way. They also have leveraged donations in terms of non-fungible tokens by dropping them to support Ukrainian artists.

UkraineDAO is another medium that has gained popularity in terms of supporting Ukrainians.

Donations in the form of Crypto have also received criticism. One of the members tweeted to express the concern over The Ukrainian Government sharing links of the wallets that are held by a centralized Ukrainian Exchange.

Saying that it was not an ideal way to accept donations, the tweet added that people must wait for a few days till the time a more secure custody approach is not adopted.

Overall, the Ukrainian Government has received the support of $53 million in donations. The value is only expected to rise in the future.

About the Author /

Winfred Butler is a news reporter of FinanceNews.Global. He has a decade of online editing experience. Here, he worked as a news reporter regarding business section. He also enjoys story-telling and creating photo story.

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