tl;dr
Upbit, South Korea’s leading cryptocurrency exchange, has launched Giwa, a layer-2 blockchain built on Ethereum, during the Upbit D Conference 2025. Giwa aims to make Web3 infrastructure accessible and user-friendly, leveraging the Optimism Foundation’s OP Stack for near real-time transaction proc...
Upbit, South Korea’s dominant crypto exchange, is making waves with its latest move: launching Giwa, a layer-2 blockchain built on Ethereum. The announcement came during the Upbit D Conference 2025, where the exchange hinted at a bold new chapter beyond its role as a trading platform. Giwa, which aims to make Web3 infrastructure “easy and fun for everyone,” is designed to process transactions in near real-time, leveraging the Optimism Foundation’s OP Stack to achieve one-second block times while inheriting Ethereum’s security.
This isn’t the first time major players have ventured into layer-2 blockchains. Coinbase’s Base and Binance’s BNB Chain have already carved out space for developers to build apps on their respective networks. Now, Upbit joins a growing list of tech giants—Google, Stripe, and Sony Group—planning or launching their own blockchains in 2025. But what sets Giwa apart? Its testnet, Giwa Sepolia, already supports Ethereum Virtual Machine-compatible contracts and boasts a block explorer tracking activity, signaling rapid progress.
The name Giwa draws from traditional Korean architecture, referencing the curved clay tiles adorning palaces and hanok houses, symbols of heritage and protection. A fitting metaphor for a blockchain aiming to bridge the gap between cutting-edge technology and cultural roots.
South Korea’s crypto market has been a powerhouse in 2025, with Upbit dominating 73% of domestic trading volume. Despite its focus on the Korean market, the exchange saw $2.5 billion in 24-hour trading volume, placing it among the top 20 globally. Chainalysis data further underscores the nation’s influence, with South Korea recording the second-highest on-ramp crypto volume between July 2024 and June 2025—$1 trillion, just behind the U.S.’s $4.2 trillion.
Giwa’s testnet has already seen over 4 million blocks added, suggesting the chain may have launched earlier than anticipated. With development tools embedded and the Optimism Foundation’s open-source tech stack offering flexibility, Giwa is positioned to evolve alongside the broader Web3 ecosystem.
As Upbit expands its footprint, the question remains: Will Giwa redefine how South Korea—and the world—interacts with blockchain technology? For now, one thing is clear: Upbit isn’t just trading crypto anymore. It’s building the future.