South Korea’s top cryptocurrency exchange, Upbit, has officially expanded into blockchain infrastructure. On September 9, during the Upbit D Conference in Seoul, the exchange unveiled Giwa Network, an Ethereum layer-2 blockchain built on the Optimism OP Stack.
Key Highlights
- Upbit launches its own blockchain network
- This Network designed for high-speed transactions
- Upbit holds 73.4% of South Korea’s crypto trading volume
Giwa Network Offers Speed and Security
This Network will feature one-second block times and full EVM compatibility. By leveraging Ethereum’s security, it provides both fast and safe transactions. The name “Giwa,” inspired by traditional Korean roof tiles, represents scalability and stability.
Along with the network, Upbit introduced a Giwa wallet that supports major EVM-compatible chains. Developers will also have access to a sandbox environment with complete documentation in English and Korean to facilitate building on the blockchain.
Upbit Maintains Market Leadership
Upbit continues to dominate South Korea’s crypto market, managing $2–4 billion in daily trading and controlling 73.4% of centralized exchange volume in 2024. The exchange serves around 8 million users, mostly in Asia.
Leading up to the launch, Upbit created anticipation through a website countdown and trademark filings for Giwa. Earlier claims that Giwa would be a layer-1 blockchain were incorrect, as the network is confirmed to be a layer-2 solution.
