Dunamu to support youths who have to leave foster care centers

The Korea Times

The Korea Times

Finance

Sat, September 23, 2023 | 19:52

Cryptocurrency

Dunamu to support youths who have to leave foster care centers

Posted : 2022-07-30 09:00

Updated : 2022-08-01 10:50

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By Yoon Ja-young

Underprivileged children and minors who have been living in foster care facilities, foster homes, or other shelters for teenagers face a harsh reality when they come of age. They have to leave such facilities and stand on their own when they reach 18, according to the Child Welfare Act. But because they do not have homes to reside in or stable jobs, they often suffer economic hardships and sometimes fall prey to criminals.

Dunamu, the operator of the country's top cryptocurrency exchange, Upbit, announced that it will support such youths by setting up a 3 billion won fund ($2.3 million) for the next five years as well as operating an internship program.

"They should not stand by themselves. They should stand with us. We will not spare any interest and support so that those young people leaving shelters can assimilate as healthy members of society," Dunamu CEO Lee Sirgoo said.

Around 2,500 young people have to leave foster care facilities each year when they reach 18 and they are provided only 300,000 won in monthly subsidies from the government for a few years. Even though they also get 5 million won as a resettlement stipend, there has been criticism that the money does not reflect real prices.

Dunamu said the support program is part of its environmental, social and corporate governance (ESG) management to protect the young generation. The block chain and fintech firm had announced tree, youth and investor protection as the three keywords for its ESG management. It has invested 88 billion won in startups and new industries, including block chain and fintech since 2018, to help budding companies grow as well as create jobs for young people. The support program is also part of the company's plan announced on July 12 to create more than 10,000 jobs in regional communities around Korea.

As the young adults have to leave foster care facilities regardless of their intention, Dunamu plans to work with Brother's Keeper, a social enterprise helping the resettlement of those youths in society. The CEO of the social enterprise grew up in a shelter himself.

On top of funding 3 billion won for programs that effectively help young people leaving shelters, Dunamu will set up internship programs with social startups and social enterprises.

Under the biannual program, which will benefit around 1,000 people for the next five years, the young people leaving shelters will build up experience and confidence before they join the real job world. It is also expected to provide them with psychological support through mentors selected among people who also left foster care facilities and are living on their own.

Reflecting the reality in which the underprivileged youths lose all their resettlement stipends due to a lack of financial knowledge and sometimes fall prey to criminals, the internship program will include digital finance education in its curriculum.

The internship program will start with Breath Keeper, a landscaping company operated by Brother's Keeper, to be further expanded to social enterprises in diverse sectors. Dunamu will fund all the educational expenses and salaries during the internship, on top of funding part of the salary in case a business decides to hire them after completing the internship.

It also plans to support young people from shelters who want to start their own business. Those who are under 35 will be provided loans without interest from Dunamu after screening, as well as consulting services.

"Dunamu will continue fulfilling corporate social responsibility and contribute for the future generation through technology that benefits the world and finance that supports people," Dunamu CEO Lee said.

yjy@koreatimes.co.kr