WeMade, a South Korean video game developer, has donated cryptocurrency worth one billion Korean Won (KRW) to Korea University (KU). KU’s president Chung Jin Taek and WeMade’s Chief Executive Officer (CEO) Chung Hyun Guk performed a signing ceremony at the Main Hall on January 25, where the CEO granted WEMIX, the corporation’s cryptocurrency, to the university.

This agreement sets a national precedent in a university receiving donations in cryptocurrency form. WEMIX is a platform that provides a market for virtual assets and a digital wallet based on the public ledger blockchain. As the donation is based on a blockchain, transparency would be ensured. “This donation would instigate a rise in stature for cryptocurrency,” commented Chung Hyun Guk in the ceremony.

The donation is to be used to further nurture KU’s blockchain research. “KU has blazed the trail for blockchain research in South Korean universities so far,” said President Chung in the signing ceremony, “We are thankful for WeMade for assisting us in leading the way for a new phase of university donations.”