Teenage Taekwondo Prodigy Byun Jae-young Signs Sponsorship Deal with Upbit

Byun Jae-young, a teenage athlete dubbed a taekwondo poomsae prodigy, has decided to represent the country and went on to win the gold medal in the freestyle poomsae male under 17 event at the 2024 World Taekwondo Poomsae Championships held in Hong Kong in December.

Teenage athlete Byun Jae-young, who recently earned the title of taekwondo poomsae prodigy, has gained a new sponsor in a bid to expand lesser-known sports.

Korea’s largest cryptocurrency exchange, Upbit, has decided to sponsor the young athlete. While taekwondo typically focuses on sparring, poomsae is a less flashy discipline.

Last year, Byun was selected to represent the country and went on to win the gold medal in the freestyle poomsae male under 17 event at the 2024 World Taekwondo Poomsae Championships, which were held in Hong Kong in December.

Byun earned a reputation as a poomsae prodigy after successfully delivering a 1,080-degree spinning kick. In recognition of his recent achievement, he was named the best athlete in the poomsae category at the Youth Athlete of the Year awards, which were hosted by the Korea Taekwondo Association on Thursday.

Now 16, the athlete was born to a Korean father and a Filipina mother in a multicultural family and is about to enter high school.

“At first, I didn’t know much about virtual assets, so I wasn’t very familiar with Upbit. However, after doing a commercial shoot and researching online, I realized that Upbit is a very big company in the area,” Byun said.

“It was truly amazing and, at the same time, I was really happy to become a sponsored athlete of such a large company. What’s especially meaningful to me is that, through Upbit’s sponsorship, I now have the opportunity to participate not only in domestic competitions but also in international ones. I believe that through these opportunities, I can gain more experience and build the confidence to compete on bigger stages.”

He said he is currently working harder to ensure that he will get selected for the Asian Junior Taekwondo Poomsae Championships qualifiers this year.

“If I am selected, my goal is to achieve good results in that competition as well. Additionally, I hope to perform well in domestic competitions so that I can continue my contract with Upbit next year,” he said.

Dunamu, the operator of Upbit, has consistently invested in potential. The company launched the coin exchange in October 2017, having identified the growth potential of blockchain and cryptocurrency.

In this context, the company has a history of supporting underrepresented sports such as track and field and table tennis before deciding to sponsor Byun.

It aims to alleviate the difficulties faced by athletes who lack financial support due to limited public attention, and plans to continue sponsoring future generations to enhance the global standing of Korean sports.

“Upbit is investing in the potential of future generations, ensuring they can continue to challenge themselves without giving up due to social and economic circumstances,” an Upbit official said.

“We will continue to support future generations so that our efforts can empower them.”

Upbit will sponsor Byun’s training and participation costs for international competitions.

The company is also running a campaign, featuring him as the model, across various media, including outdoor and online platforms, centered around the message of supporting future generations with limitless potential.

The ad, which features the athlete’s freestyle poomsae performance, also highlights Dunamu’s diverse activities including startup investments, supporting financially vulnerable youth and planting forests.