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Uniswap praised for new feature facilitating donations to Ukraine

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The vice prime minister of Ukraine, Mykhailo Fedorov, has praised Uniswap, a leading decentralized exchange, over its efforts to make it more convenient for the cryptocurrency community to donate towards the country.

Uniswap recently developed a feature that allows the conversion of ERC-20 tokens into Ether tokens to make it easy for users to donate to the publicly verified Ethereum wallet address of the Ukrainian government.

Uniswap praised over charity effort

In a tweet published on March 2, Fedorov acknowledged Uniswap for developing this feature, saying that Ukrainians were grateful to the DEX. Fedorov also urged the Uniswap team to display the feature on its home page so that it is more visible to the users of the DEX.

Uniswap has already heeded this request, and in less than 24 hours after Fedorov’s tweet, the change has already been reflected on the DEX’s homepage. Uniswap launched this feature in March to support any token exchange for ETH. The funds will then be directed towards the Ukrainian government as a donation.

More than $36 million worth of cryptocurrencies has already been donated to the Ukraine government. The founder of Polkadot, Gavin Woods, has donated around $5.8 million worth of DOT tokens. The Ukrainian government has also confirmed an airdrop, and it is taking a snapshot of this on March 3.

The Crypto community weighs in on the conflict

Fedorov had earlier urged all the major cryptocurrency exchanges to freeze the accounts of Russian and Belarusian users. However, Kraken, Coinbase and Binance have revealed that they will not unilaterally ban all of these users from the platform. Instead, they will limit blocking to sanctioned individuals, and Binance has already done this.

Jesse Powell, Kraken’s CEO, has said that the exchange will only block Russian users if there is a legal requirement. Coinbase has also said it will not block these users. This comes as Western allies issue concerns over the possibility of Russia using cryptocurrencies to evade sanctions.

Crypto usage in both Russia and Ukraine has surged. The Russian ruble has plummeted to all-time lows, and citizens are rushing to buy cryptocurrencies to shield their savings from the rising inflation.

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