Giwa Blockchain by Upbit Could Shape South Korea’s Crypto Market
Upbit, South Korea’s leading crypto exchange, is preparing to launch its blockchain project, Giwa, currently teased with the message “trusted structure, not just shape” and a countdown timer. The initiative is seen as a strategic move to strengthen Upbit’s influence in both the local and global crypto ecosystem.
Speculations point to three main possibilities: an independent Layer-1 blockchain, a Layer-2 solution compliant with South Korean regulations, or a won-backed stablecoin. A proprietary blockchain would allow Upbit to manage liquidity, create a full DeFi and payments ecosystem, and provide institutional-grade infrastructure.
Given South Korea’s strict regulatory framework, Giwa could become a tool for safe and compliant Web3 adoption. Additionally, Upbit’s experience in token listings may trigger significant market movements.
If successfully implemented, Giwa could reinforce South Korea’s position in the Web3 space and inspire other global exchanges to develop their own blockchains, following the international trend of integrating digital ecosystems.
