South Korean crypto exchange Upbit has launched a test version of its new Ethereum layer-2 blockchain called Giwa. This marks a big step for the exchange as it looks to grow beyond just crypto trading.
As per details in its official document, Giwa is short for Global Infrastructure for Web3 Access and is built using the Optimism Foundation’s OP Stack. It aims to process transactions in just one second per block while using Ethereum’s security for settlements. The announcement came during the Upbit D Conference 2025 on Monday.
The document explains that Giwa’s mission is to make Web3 infrastructure simple and enjoyable for all users. Moreover, the Giwa name comes from curved clay tiles used on the roofs of old Korean houses, palaces, and temples, which symbolize heritage and protection.
For now, Giwa is running on a testnet called Giwa Sepolia, which already supports Ethereum-compatible smart contracts and has its own block explorer live. Over 4 million blocks have been added to the testnet so far, suggesting that development has been active for weeks.
Upbit Leads South Korea’s Crypto Scene
Upbit is a major crypto exchange in South Korea and handles about 73% of local trading. According to CoinGecko, it ranks as the world’s 20th largest exchange, with $2.5 billion traded in the past 24 hours.
According to Chainalysis, South Korea is now the second-largest crypto market by on-ramp volume between July 2024 and June 2025. It recorded $1 trillion in volume, behind only the U.S. at $4.2 trillion.
In recent months, South Korea’s Upbit has been actively expanding its listings, adding tokens like Maple Finance (SYRUP), Huma Finance (HUMA), Moodeng (MOODENG), Ravencoin (RVN), DEEP Token, Filecoin (FIL), ORCA, Bitcoin Gold (BTG), and Moca Token (MOCA) across KRW, BTC, and USDT trading pairs.
Other major exchanges have also launched their own blockchains. Coinbase rolled out Base in 2023, and Binance launched BNB Chain back in 2019. Several tech giants have also moved into blockchain. Last year, Sony launched its layer-2 chain Soneium, and last month Stripe rolled out its layer-1 chain Tempo. Further, Google Cloud is developing its own layer-1 chain called Universal Ledger (GCUL).
