The Korean Red Cross announced on the 13th that sponsor Kim Geo-seok donated one Bitcoin. This is the first time that the Korean Red Cross has received digital assets as donations.
According to the Korean Red Cross, Mr. Kim has consistently donated as an individual investor. He became a member of the 'Red Cross Honors Club' number 283 after donating 100 million won to the Korean Red Cross last December, and he also became a member of the '1 Billion Club' number 1 with a pledge to donate 1 billion won. Mr. Kim's cumulative donations to the Korean Red Cross amount to 960 million won.
The Bitcoin donation will be immediately converted to cash in accordance with the government's cash conversion guidelines for virtual asset donations and will be fully used for recovery in disaster-affected areas and medical support for vulnerable groups. The Korean Red Cross expects to convert 0.5 Bitcoin each on the previous day and that day, raising a total of 160 million won.
At the donation ceremony held on the 11th at the Korean Red Cross headquarters in Seoul, Mr. Kim said, "I am honored to be the first owner of a digital asset donation to the Korean Red Cross," adding, "I hope this helps the 'Anyone Treatment Center' I continue to support and the victims of the recent disaster."
The Korean Red Cross stated, "Mr. Kim Geo-seok's Bitcoin donation is also the first case of a private high-value digital asset donation in the country since the Financial Services Commission allowed transactions for cash conversion of donations in virtual assets by non-profit organizations," adding, "We expect it will have a positive impact on the spread of diverse forms of donation culture in the future."