South Korea's largest cryptocurrency exchange, Upbit, has announced the launch of its Ethereum layer-2 network Giwa on testnet. This move highlights the company's intent to expand its activities beyond traditional cryptocurrency trading.
Goals and Features of Giwa
Giwa, short for Global Infrastructure for Web3 Access, aims to create a more accessible and user-friendly Web3 environment by leveraging the Optimism Foundation’s stack. The network offers one-second block times while inheriting Ethereum’s robust security for transaction settlement.
According to the Korean-translated documentation, Giwa’s mission is to 'make Web3 infrastructure easy and fun for everyone.' Its testnet, Giwa Sepolia, already includes essential development tools, enabling developers to migrate Ethereum Virtual Machine-compatible contracts. A block explorer is also live, allowing users to track transactions and activity.
Trends in Exchange-Led Blockchains
The launch of Giwa follows a broader trend of major exchanges building their own blockchains. Coinbase and Binance have already made significant strides in this direction, enabling developers to build decentralized applications using layer-2 solutions. In 2025, global players such as Google, Stripe, and Sony Group have launched or announced blockchain initiatives, signaling that infrastructure expansion is a key strategic priority across industries.
Giwa’s architecture is designed for flexibility, allowing customization as the Optimism Foundation’s open-source tech stack evolves.
State of the Cryptocurrency Market in South Korea
Upbit’s announcement comes at a time when South Korea continues to lead global crypto adoption. The platform currently accounts for over 70% of the country’s crypto trading volume with a 24-hour trading volume of $2.5 billion.
Furthermore, the Chainalysis 2025 Global Adoption Index ranked South Korea as the second largest crypto on-ramp market, with $1 trillion in volume between July 2024 and June 2025, trailing only the United States.
With the launch of the Giwa testnet, Upbit demonstrates its commitment to the development of Web3 and secures its position in South Korea's rapidly evolving cryptocurrency market.
