Yonsei University’s Alumni Association has begun accepting membership fees in cryptocurrency, becoming the first university alumni organization in South Korea to do so.
Starting Oct. 14, alumni can pay their dues using Bitcoin, Tether, or USD Coin, the association said Sunday. To encourage participation, it is also offering a 10 percent discount for payments made in digital assets.
The value of each cryptocurrency will be calculated based on the previous day’s closing price on Upbit, Korea’s largest exchange platform.
According to the association, the new payment option was introduced after overseas alumni reported difficulties in wiring foreign currencies. The initiative is being implemented in partnership with fintech company Wavebridge, which will aid in handling the conversion of digital assets into Korean won.
The association notified members of the change on Oct. 1, and as of Monday, five alumni had paid their membership fees using cryptocurrency.
“We are the first university alumni association in Korea to adopt a crypto-based payment system, in line with the evolving digital finance environment,” said an association official. “We hope this will make it easier for both domestic and overseas alumni to contribute to the community.
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