- Kim Geoseok donated 100,000 XRP to the Korean Red Cross Society.
- The Red Cross will deliver the donation to neighbors, according to the donor’s instructions.
- Geoseok is the first digital asset donor to charity in Korea under the new regulation.
South Korean philanthropist Kim Geoseok has donated 100,000 XRP, equivalent to 200 million won, to the Red Cross Society. In a recent announcement, the Acting President of the Korean Red Cross, Hongguk Kim, stated that Geoseok donated the digital assets to support the underprivileged.
Geoseok’s Instruction and Status
According to the Red Cross leader, the organization will deliver Geoseok’s donation to neighbors in need at the sponsor’s request. In the meantime, this event marks Geoseok’s second digital asset donation to the Red Cross; the first was a Bitcoin donation, which made him the organization’s first individual digital asset donor.
It is worth noting that Geoseok’s philanthropy toward the Red Cross Society has earned him a significant status, making him the first member of the organization’s Honors 1 Billion Club. That latest donation boosts Geoseok’s contribution to the Red Cross to approximately 1.4 billion won.
Speaking about the event, Geoseok noted that he expects the donations using digital assets to be of great help to neighbors in need. He further expressed his hope that using digital assets will make the headlines as a newsworthy action.
South Korea Has New Digital Asset Donation Guidelines
In the meantime, the Red Cross has maintained an open donation channel for donors using digital assets. The charity organization partners with Upbit in accordance with its internal control standards for accepting digital asset donations.
Notably, Geoseok’s Bitcoin donation in 2025 was the first digital asset donation under South Korea’s new law that permitted such activities. Red Cross immediately sold the donated digital assets under the new guidelines established by the Financial Services Commission (FSC), with the proceeds directed toward charity.
It is worth noting that such digital asset donations highlight the broader acceptance of blockchain and cryptocurrency within the non-profit sector. The Korean Red Cross is leveraging the technology to enhance transparency and accountability, processing the transactions through a secure digital wallet that ensures traceability and verifiability.
Related: South Korea Excludes Cryptocurrencies from Donation Legislation Update
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