South Korea’s largest crypto exchange Upbit has unveiled its own blockchain GIWA

Key points:

• South Korean exchange Upbit has launched Giwa, its own Ethereum Layer-2 blockchain with 1-second transaction processing.
• Giwa is built on OP Stack, open-source technology from the Optimism Foundation, which provides flexibility and scalability.
• The launch of the Giwa Sepolia testnet gives developers access to EVM contracts and tools for Web3.

Upbit, South Korea’s largest crypto exchange by trading volume, has announced the launch of a testnet for Ethereum Layer 2 called Giwa (Global Infrastructure for Web3 Access). The presentation took place at the Upbit D 2025 conference, and the project immediately attracted the attention of developers and users.

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What is Giwa

Giwa is a second-layer blockchain for Ethereum built on the OP Stack from the Optimism Foundation.

The network forms blocks every second, providing near real-time transactions. It is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to port smart contracts without modification and utilize familiar tools, including Solidity and existing frameworks.

Why does Upbit need its own blockchain?

The launch of Giwa puts Upbit on par with other major exchanges such as Coinbase (Base) and Binance (BNB Chain). The exchange now has more control over the development of its own ecosystem, the ability to launch applications and tokens on its network, and to stimulate the growth of the local Web3 market.

In addition, Giwa is integrated with Upbit, providing access to a large user base and liquidity. For developers, this lowers the barriers to entry: services can be tested and launched without complex infrastructure, using Giwa Sepolia’s ready-made tools.

South Korea and the crypto market

According to data from the analytical resource CryptoniteUAE, in 2025, about 22,5% of South Korea’s population will use cryptocurrencies, and by 2026, the audience is expected to grow to 12,3 million people.

The country’s political course also strengthens the industry’s position: Lee Jae-myung became the new president and promised to support the launch of spot crypto ETFs and the issuance of a stablecoin pegged to the South Korean won.

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According to data from the analytical company Kaiko, in 2025, the volume of cryptocurrency trading in South Korean won (KRW) reached $663 billion, which is almost comparable to the global trading volume in US dollars. This put South Korea in second place among the world’s largest crypto markets. Analysts estimate that almost one in three adults in the country owns cryptocurrency, which is twice as many as in the United States.

Source: research.kaiko.com

The launch of Giwa could strengthen the country’s position as one of the centers of the global crypto market by offering developers and users a fast and accessible blockchain for Web3.