Dunamu donates 1 billion won to WFP for Ukraine

Industry

Published: 22 Mar. 2022, 15:32

Dunamu donates 1 billion won to WFP for Ukraine

Dunamu CEO Lee Sirgoo, left, and Tim Hunter, director of private partnerships and fundraising at WFP, pose after a ceremony virtually held on Monday to mark Dunamu's donation of 1 billion won to support humanitarian relief efforts in Ukrain. [DUNAMU]

Dunamu, operator of the Upbit cryptocurrency exchange, has donated 1 billion won ($818,451) in support of humanitarian relief efforts in Ukraine.

The funds were sent to the United Nations World Food Programme (WFP) to provide food assistance for Ukrainians affected by Russia’s invasion.

This is the first time that a Korean company has offered relief funds for victims of the war in Ukraine through the international organization.

Dunamu said that the donation could feed 1.6 million people for a day.

“Upon getting informed that the WFP is moving to offer food aid for 3.15 million Ukrainians directly hit by the war, we concluded that the organization is in need of funding,” said Lee Sirgoo, CEO at Dunamu.

“The organization is ideal to carry out the relief measure because it has the capacity to step in within 72 hours of a crisis erupting,” Lee said in a statement.

The WFP has initiated an emergency operation and plans to raise $590 million for the next four months with an aim of reaching 3.15 million people affected by the conflict.

The two entities held a ceremony virtually to mark the gift on Monday.

Tim Hunter, director of private partnerships and fundraising at WFP, expressed concern that the calamity in Ukraine could trigger another food crisis in other regions.

“Since Ukraine is responsible for producing a sizable amount of corn and wheat across the globe, the crisis impacts Europe, Africa and the Middle East,” the director said, adding that “I am really grateful for Dunamu’s timely support.”

In the meantime, 902 users of Upbit also donated crypto assets worth 160 million won in humanitarian aid to Ukraine. Dunamu waives commission fees when Upbit users make donations using bitcoin or ehtereum traded on the exchange.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]