TLDR
- South Korean crypto exchange Upbit has launched Giwa, an Ethereum layer-2 testnet
- Giwa (Global Infrastructure for Web3 Access) uses Optimism’s OP Stack with one-second block times
- Upbit joins other exchanges like Coinbase and Binance in launching its own blockchain
- Development tools and a block explorer are already available on the Giwa Sepolia testnet
- South Korea ranks second globally in crypto on-ramp volume at $1 trillion (July 2024-June 2025)
South Korean crypto exchange Upbit has launched Giwa, an Ethereum layer-2 blockchain on testnet. The announcement was made at the Upbit D Conference 2025 on Monday, marking the exchange’s expansion beyond its traditional role as a crypto trading platform.
Giwa, which stands for Global Infrastructure for Web3 Access, leverages the Optimism Foundation’s OP Stack technology. According to Giwa’s documentation, the layer-2 solution aims to achieve one-second block times while inheriting Ethereum’s security features for transaction settlement.
The primary goal of Giwa is to make Web3 infrastructure “easy and fun for everyone,” as stated in the Korean-translated documentation. This move positions Upbit among other major exchanges that have developed their own blockchain infrastructure.
Upbit is not the first exchange to launch its own blockchain. Coinbase introduced Base in August 2023, while Binance created BNB Chain in 2019. Both platforms allow developers to build applications on their respective layer-2 blockchains.
The trend extends beyond crypto exchanges. Tech giants like Google, Stripe, and Sony Group have either launched a chain or announced plans to do so in 2025, showing growing interest from major corporations in blockchain technology.
Technical Features and Development
Giwa’s testnet, known as Giwa Sepolia, comes with built-in development tools that enable the migration of Ethereum Virtual Machine-compatible contracts. A block explorer tracking testnet activity is already operational, allowing developers to monitor network activity.
According to Giwa’s documentation, the blockchain builds blocks every second to deliver near-real-time transactions. This fast block time could provide users with a more responsive experience compared to some other networks.
The platform was also designed with flexibility in mind, enabling customization as the Optimism Foundation’s open-source technology stack continues to evolve. This approach allows Giwa to adapt to future improvements in the underlying technology.
While Upbit has not announced when Giwa will launch on mainnet, development has been underway for at least three weeks, as indicated by its GitHub account. However, with over 4 million blocks added to Giwa Sepolia, the one-second block time rate suggests the chain may have been in testing for longer.
South Korea’s Growing Crypto Presence
The name “Giwa” appears to be derived from curved tiles seen on the roofs of palaces, temples, and traditional hanok houses in South Korea. These tiles, typically made from baked clay, symbolize heritage and protection in Korean culture.
Upbit has established itself as a major player in the South Korean crypto market, accounting for approximately 73% of the country’s crypto trading volume. Despite being largely confined to the South Korean market, Upbit ranks 20th globally in trading volume with $2.5 billion in the last 24 hours, according to CoinGecko data.
South Korea itself has emerged as a leading crypto market in 2025. The Chainalysis 2025 Global Adoption Index, published last Wednesday, revealed that South Korea recorded the second-largest on-ramp crypto volume between July 2024 and June 2025 at $1 trillion. This places the country second only to the United States, which recorded $4.2 trillion during the same period.
Recent regulatory developments in South Korea include caps on crypto lending rates at 20% and a ban on leveraged loans, indicating the country’s efforts to establish a structured framework for crypto activities.
With the launch of Giwa, Upbit is taking steps to expand its services beyond trading and potentially create a more integrated ecosystem for its users in the growing South Korean crypto market.