The parent company of South Korean cryptocurrency exchange Upbit, Dunamu, has applied for multiple trademarks related to a potential new blockchain project known as “GIWA.” Rumors surrounding this development have gained traction on social media platforms, particularly on X, where users began speculating about the project’s nature during the Upbit Developer Conference (UDC).
One comment mentioned that an attendee at the UDC hinted that “GIWA” might become its own blockchain network. Since then, various posts have circulated, further fueling speculation. However, neither Upbit nor Dunamu has provided any official confirmation regarding the project.
In conjunction with the ongoing speculation, a website associated with the name GIWA has gone live, featuring a countdown timer that suggests an announcement could emerge soon. This countdown is prominently displayed beneath a message indicating “Coming soon,” and its timing aligns closely with the UDC, which is scheduled to take place on September 9 in Seoul, South Korea.
The blockchain space has seen a trend where numerous cryptocurrency exchanges are launching their own blockchain networks. Notable examples include Coinbase’s layer-2 Base, OKX’s OKChain, and Binance’s support for what was originally the BSC Chain, now rebranded as BNB Chain. Additionally, recent initiatives like Stripe and Paradigm’s Tempo—a blockchain geared towards high-speed stablecoin transactions—have garnered attention, particularly due to the significant partnerships backing them, which include high-profile companies like Anthropic, OpenAI, Revolut, and Deutsche Bank.
As the situation develops, CoinDesk has made attempts to reach Dunamu and Upbit for further details but has not received a response as of now. The potential unveiling of GIWA at the UDC could signify a significant move in the blockchain sector, amid a growing trend of exchanges venturing into their own proprietary blockchain technologies.
