Upbit confirmed the launch of its Ethereum Layer 2 GIWA network, aiming to expand South Korea’s role in global digital finance through scalability, privacy, and developer participation.
Upbit, South Korea’s largest crypto exchange, confirmed plans to launch GIWA, an Ethereum Layer 2 network built on the Optimism OP Stack. The initiative, revealed after earlier trademark filings, was highlighted by Dunamu CEO Oh Kyung-seok at the Upbit Developer Conference. GIWA will feature Optimistic Rollups, privacy options, and a mobile wallet supporting assets, NFTs, and dApps. A Sepolia testnet is live, with a phased decentralization roadmap and possible stablecoin integration depending on regulation. Analysts noted centralization risks, as GIWA will initially operate with a single sequencer similar to Coinbase’s Base. The project represents Upbit’s diversification strategy after failed attempts with NFTs and overseas ventures, leveraging its user base and liquidity under regulatory oversight in Korea.