Dunamu Wins Presidential Commendation at Korean Red Cross 121st Anniversary for Disaster Relief

Dunamu, the operator of Upbit, said on Oct. 27 that it had received a presidential commendation for its contributions to disaster recovery and humanitarian aid.

The company received the award at a ceremony marking the 121st anniversary of the Korean Red Cross, held the previous day at Woori Bank headquarters in Seoul's Jung district. It was recognized for supporting residents affected by major wildfires and torrential rain, as well as for using digital assets for donations and helping build an emergency medical response system.

Dunamu donated $2.2 million in 2022 to areas affected by the Samcheok wildfire in Gangwon Province and $1.4 million for flood recovery in central South Korea. The following year, it gave $360,000 and $216,000 to support victims of the Gangneung wildfire and heavy rain, respectively. Last year, it also provided $720,000 to wildfire-hit areas including Sancheong and Uiseong. In September last year, it supplied 1 million bottles of water worth about $360,000 to the drought-stricken Gangneung area.

It also carried out relief efforts using digital assets. During the 2023 Turkey earthquake, Dunamu and Upbit users donated 14 Bitcoin. The company also donated Bitcoin for domestic flood recovery last year, using digital assets as a tool for social contribution.

Dunamu also pursued projects aimed at strengthening medical support at disaster sites. Last year, it spent $216,000 from wildfire relief donations for the Yeongnam region to build five vehicles for a disaster response medical team, or HERU. The vehicles were delivered to the Korean Red Cross in April and deployed to five Red Cross hospitals in Seoul, Incheon, Sangju, Tongyeong and Yeongju.

Separately, Dunamu said it provided $7.6 million from 2020 to 2021 to support the response to Covid-19 and donated $720,000 in 2022 to help provide food for people in Ukraine. It has also expanded its social contribution efforts to include support for financially vulnerable groups, education and the environment. As of the first half of this year, its cumulative social contribution investment stood at $223.4 million.

Chief Executive Officer Oh Kyung-seok said the presidential commendation was meaningful because it reflected the company's efforts to fulfill its social responsibility by using its resources and technology during national disasters and crises. He added that Dunamu would continue to provide practical support where it is needed and work to connect the potential of digital assets and technology with social value.