South Korean exchange Upbit teases own blockchain network with countdown

Upbit's cryptic "Giwa" reveal could bolster South Korea's Web3, with crypto community pondering its blockchain form.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

South Korea’s largest crypto exchange, Upbit, unveiled a cryptic countdown this week for a new blockchain project called “Giwa,” fueling speculation about its purpose and potential role in the country’s fast-growing digital asset sector.

The teaser site, which carries the tagline “trusted structure, not just shape,” offered no technical details but directed visitors to the upcoming Upbit Developer Conference, where observers expect a formal launch.

The development comes amid a trend of firms eyeing proprietary blockchain networks.

Speculation on design

The South Korean crypto community speculated that Giwa could be introduced as either a new Layer-1 blockchain or a Layer-2 network designed to expand the country’s web3 infrastructure.

Some suggested that regulatory constraints may push Upbit toward a Layer 2 design, while others believe the platform could provide a foundation for won-backed stablecoins, which have seen rising demand among domestic users.

Upbit’s prominence in the Korean market adds weight to the project. The exchange’s decisions on token listings often ripple across prices, and the Giwa teaser has already drawn heightened attention from investors anticipating a new liquidity hub.

Awaiting the reveal

If Giwa succeeds in building a dedicated ecosystem for South Korea, it could give retail and institutional users an on-ramp into Web3 anchored by interoperability and stable liquidity.

For now, Upbit has released no further information beyond its brief Korean-language notice.

The exchange is expected to disclose full details at the developer conference, setting the stage for what could be one of its most significant announcements in years.

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