Korean Red Cross Receives First Major Digital Asset Donation with 1 Bitcoin Gift

Kim Geoseok Donates 1 Bitcoin to the Korean Red Cross
First Digital Asset Donation to Be Used for Medical Support and Flood Recovery
Cumulative Contributions Reach 960 Million KRW
First Large-Scale Individual Digital Asset Donation in Korea Since FSC Roadmap Announcement

On the 11th, donor Kim Geoseok (right in the photo) donated 1 Bitcoin (approximately 160 million KRW) to Kim Cheolsu, president of the Korean Red Cross, to support medical aid for vulnerable groups and flood relief efforts. Korean Red Cross

Photo by Kim Geoseok

The Korean Red Cross (President Kim Cheolsu) announced on August 13 that donor Kim Geoseok had donated 1 Bitcoin (worth approximately 160 million KRW). This marks the first digital asset donation received by the Korean Red Cross, and the entire amount will be used to provide medical support for vulnerable groups and to aid recovery efforts in areas recently affected by heavy rainfall.

Kim Geoseok expressed, "I am honored to be the first person to make a digital asset donation to the Korean Red Cross," adding, "I hope this contribution will help both the Nugu-na Clinic, which I have been supporting, and the victims of the recent flood disaster."

In December 2024, Kim Geoseok donated 100 million KRW and became the 283rd member of the Red Cross Honors Club, a group for major donors. He also pledged to donate 1 billion KRW, becoming the first member of the Korean Red Cross "1 Billion Club." Including this digital asset donation, Kim's cumulative contributions now total approximately 960 million KRW.

Kim Cheolsu, President of the Korean Red Cross, stated, "This donation is the first digital asset donation in the history of the Korean Red Cross and demonstrates new possibilities for the culture of giving. We will always remember the donor's warm heart and will do our utmost to ensure that the funds are used transparently and efficiently, so that medically vulnerable groups receive the support they need and affected residents can quickly return to their daily lives."

The Korean Red Cross explained that the donation was processed through Upbit, following internal control standards established in accordance with guidelines from the Financial Services Commission. This donation is the first large-scale individual digital asset donation in Korea since the Financial Services Commission announced its "Roadmap for Corporate Participation in the Virtual Asset Market," which allowed nonprofit organizations to convert donated virtual assets into cash. It is expected to have a positive impact on the spread of diverse forms of donation culture in the future.