- South Korea’s Upbit launches countdown for its ‘Giwa’ blockchain network, expected to impact Korea’s Web3 infrastructure.
- Key players include Dunamu and Upbit, indicating strategic intent through trademark filings.
- The launch details will be presented at the Upbit Developer Conference in September 2025.
South Korean crypto exchange Upbit has launched a countdown for its blockchain network ‘Giwa’, set to be revealed at the Upbit Developer Conference on September 9, 2025.
The introduction of Giwa is anticipated to significantly influence Korea’s Web3 infrastructure, with potential impacts on Ethereum Layer 2 structures and the broader cryptocurrency market.
South Korea’s Upbit launches a countdown for its “Giwa” blockchain network, anticipated to impact Korea’s Web3 infrastructure and market dynamics. Key industry players involved include Dunamu and Upbit, with trademark filings signifying strategic intent.
Upbit, a leading South Korean cryptocurrency exchange, is preparing to unveil its own blockchain network, “Giwa,” setting the stage for potential sweeping changes in the country’s blockchain landscape. The network launch countdown is gathering substantial interest and setting expectations high.
Network Details
Involved organizations include Upbit and its parent company, Dunamu, which have gone ahead with trademark filings for “Giwa.” The launch details will be formally presented at the Upbit Developer Conference scheduled for September 2025, indicating a focus on pioneering blockchain technology.
This development could have significant repercussions for both local and global blockchain markets. The expected emergence of Ethereum-based Layer-2 solutions augments liquidity and features heightened interest in Korea’s digital currency genres. Jay Jo, Analyst, Upbit, remarked,
“Upbit(@Official_Upbit) Will Launch Their Own L2 Chain! Likely named ‘GIWA’, quite a traditional name choice.”
Potential Market Impact
Financial analysts foresee possible shifts as Upbit’s new blockchain aims to position itself against established networks like Binance’s BNB and Coinbase’s Base, targeting competition through innovative approaches. The Korean BTC premium index has already seen notable growth, reflecting rising market intrigue.
Strategic Approach
By replicating previous successful industry practices, such as those implemented by Binance and Coinbase, Upbit aims to carve out a niche in blockchain technologies. This action aligns with broader trends in cryptocurrency by facilitating enhanced DeFi applications and potential new token introductions.
