- Upbit launches Ethereum Layer-2 Giwa, aiming for one-second blocks and secure settlements.
- Giwa testnet enables EVM migration, signaling Upbit’s shift from exchange to Web3 infrastructure.
- Dunamu eyes Giwa Wallet and won stablecoin to boost Korea’s blockchain presence.
South Korea’s crypto market has been expanding rapidly in 2025. Now, Upbit has unveiled a major move that could reshape its role. The exchange announced Giwa, its Ethereum layer-2 blockchain, during the Upbit D Conference 2025. The launch signals Upbit’s pivot from being just a trading platform to becoming a Web3 infrastructure provider.
Giwa Launches on Testnet
Upbit confirmed that Giwa is live on testnet with development tools ready for developers. Giwa, short for “Global Infrastructure for Web3 Access,” aims to deliver one-second block times while settling transactions securely on Ethereum. Its design uses the Optimism Foundation’s OP Stack, allowing both performance and Ethereum-level security.
The project already supports Ethereum Virtual Machine contracts. Developers can migrate apps using familiar tools and track activity through a dedicated block explorer. Upbit stated that Giwa’s mission is to make Web3 “easy and fun for everyone.”
Dunamu, Upbit’s parent company, also plans to introduce Giwa Wallet. This native wallet will support transactions on the new chain. The company has not confirmed a mainnet launch date, but testing on Giwa Sepolia continues.
A Shift Toward Web3 Infrastructure
Upbit’s step follows other major exchanges building their own chains. Coinbase launched Base in 2023, and Binance operates BNB Chain. These blockchains enable exchanges to become more than just a platform to trade on, but an infrastructure center where developers create decentralized apps.
Dunamu CEO Oh Kyung-seok said at the conference that Giwa will also support financial services. He highlighted plans for a Korean won stablecoin, which would be in line with the South Korean national project to develop local currency-backed stablecoins. The project would enhance currency sovereignty and bridge the gap between blockchain and finance.
The name “Giwa” carries cultural meaning. It refers to the curved clay tiles on traditional Korean buildings, which symbolize heritage and protection. The choice reflects Upbit’s attempt to combine technological progress with cultural roots.
South Korea has emerged as one of the most vibrant crypto markets in the world. According to Chainalysis, the country was ranked second in the world in terms of on-ramp crypto volume in the period between July 2024 and June 2025. Its on-ramp volume of $1 trillion followed the United States, which had $4.2 trillion.
Upbit accounts for around 73% of local trading. It also processed $2.89 billion in trades in the past 24 hours, according to CoinMarketCap. Despite serving mostly domestic users, it still ranks among the top 20 exchanges by global trading volume.
The introduction of Giwa implies that Upbit is interested in expanding beyond the trading activity. Through the creation of its own chain, the exchange establishes itself as a powerhouse in the development of blockchain in South Korea.
Related: South Korea Blocks 14 Crypto Apps Amid Regulatory Crackdown
Giwa’s technical focus lies in speed and flexibility. Blocks are created every second, enabling near real-time transactions. This feature could attract developers building apps that require fast confirmation times.
The blockchain is designed for adaptability. Since it uses the OP Stack, Giwa can evolve as the open-source technology develops. This ensures developers will continue to benefit from future updates without being locked into older systems.
The project has been visible on GitHub for weeks. Having already added over 4 million blocks, the data indicates that the testnet was launched earlier than the official announcement. This high pace reflects the intent of Upbit to demonstrate the performance of Giwa prior to a mainnet rollout.
Giwa’s arrival adds Upbit to a growing list of global firms building blockchains. Tech companies such as Google, Stripe, and Sony have also announced chain projects in 2025. This trend signals a shift where exchanges and corporations position themselves as Web3 infrastructure leaders.
