Upbit operator Dunamu (CEO Oh Kyung-seok) announced on the 20th that it has signed a memorandum of understanding (MOU) with the Community Chest of Korea Love Fruit (Chairman Kim Byeong-jun) to promote a digital asset-based donation culture.
The signing ceremony was held on the 19th at the Love Fruit Hall in Jung-gu, Seoul, with representatives from both organizations and other related parties in attendance.
This agreement was initiated to address the growing participation of non-profit organizations in the digital asset market and to prepare for the digital transformation of donation methods. Financial authorities recently announced a roadmap for corporate participation in the digital asset market and are now allowing various entities, including non-profits, to open accounts.
Under the agreement, both parties will continue their joint efforts to foster a conducive environment for digital asset donations. Love Fruit will promote the establishment of digital asset accounts for non-profit organizations and the establishment of internal control standards, while Upbit will provide support through legal advice and educational programs. They will also collaborate on identifying social contribution activities based on blockchain technology.
Upbit, Korea's largest virtual asset exchange, focuses on building trust in the digital asset market through its technological prowess and security capabilities. According to National Tax Service disclosures, Love Fruit is the largest public interest corporation funded by corporate and individual donations.
Upbit has previously engaged in donation activities utilizing digital assets prior to this agreement. In July, it donated 5 BTC (approximately 800 million won) to Love Fruit to support recovery efforts following heavy rains. Love Fruit then cashed out the donation. Furthermore, Love Fruit became the first legally recognized charity organization to accept digital asset donations in 2021 and is actively pursuing social contribution activities utilizing digital technology, such as operating a non-fungible token (NFT)-based sharing campaign.
Doonamu CEO Oh Kyung-seok said, “Expanding sharing through technology can become a new public service model in the digital age,” and added, “We will explore various possibilities to ensure that digital assets can become a sustainable means of giving for future generations.”
Kim Byung-jun, Chairman of Love Fruit, said, “Digital asset donation is a new form of social contribution with high potential for empathy and expansion,” and added, “Through our collaboration with Upbit, we will lead the digital transformation of the culture of sharing.”
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