South Korean cryptocurrency exchange Upbit has unveiled its new Ethereum layer-2 solution, Giwa, on testnet, marking a significant development that could expand its role beyond that of a traditional crypto exchange. The announcement was made during the Upbit D Conference 2025, solidifying Upbit’s position as a leading player in the competitive crypto landscape.
Giwa, which stands for Global Infrastructure for Web3 Access, aims to utilize the Optimism Foundation’s OP Stack to achieve impressive block times of just one second. This technology allows Giwa to inherit Ethereum’s robust security measures for processing transactions. The overarching goal for Giwa is to simplify Web3 infrastructure, making it more accessible and enjoyable for users, as detailed in the Korean-translated documentation.
Several other exchanges have ventured into launching their own blockchain solutions, showcasing a growing trend in the crypto industry. Notably, Coinbase introduced its Layer-2 solution, Base, in August 2023, while Binance launched the BNB Chain in 2019. In 2025, tech giants such as Google, Stripe, and Sony Group have also announced or are in the process of implementing their own blockchains.
While there is no specific timeline for the Giwa mainnet launch, the testnet—dubbed Giwa Sepolia—has already implemented development tools for Ethereum Virtual Machine-compatible contracts. Furthermore, a block explorer is operational to monitor testnet activity, signaling readiness for developers looking to migrate existing applications.
According to Giwa’s documentation, the blockchain is engineered to create blocks every second, promoting near-real-time transaction capabilities. The design of Giwa prioritizes flexibility, enabling customization as the Optimism Foundation’s open-source technology continues to progress.
Giwa has been under development for several weeks, as indicated by activity in its GitHub repository. The successful addition of over 4 million blocks to the Giwa Sepolia testnet implies that the chain may have been operational earlier than initially announced.
The name “Giwa” is inspired by traditional curved tiles found on the roofs of historical palaces, temples, and the hanok homes in South Korea. These tiles are typically made from baked clay and symbolize cultural heritage and protection.
In the broader context, South Korea has solidified its reputation as a leading cryptocurrency market in 2025. Upbit alone accounts for approximately 73% of South Korean crypto trading, boasting a 24-hour trading volume of around $2.5 billion, a remarkable figure that places it among the top exchanges globally. This position is notable given Upbit’s focus on the South Korean market.
Recent data from the Chainalysis 2025 Global Adoption Index reveals that South Korea ranked second globally in crypto on-ramp volume from July 2024 to June 2025, amassing a staggering $1 trillion in transactions, only behind the United States, which achieved $4.2 trillion in the same period. As developments like Giwa roll out, South Korea is poised to reinforce its stronghold in the world of cryptocurrency.
