South Korea’s leading cryptocurrency exchange, Upbit, has entered the blockchain innovation race with the launch of Giwa, an Ethereum layer-2 testnet. Announced at the Upbit D Conference 2025, Giwa (Global Infrastructure for Web3 Access) aims to revolutionize Web3 by providing a faster, more secure platform for developers and users alike.
What is Giwa?
Giwa is built using Optimism’s OP Stack technology, ensuring Ethereum-level security with astonishingly quick one-second block times. It’s designed to simplify blockchain accessibility, allowing developers and users to engage with Web3 in a fun and seamless manner. Built-in development tools and a block explorer have already rolled out on the Giwa Sepolia testnet, making it easier to migrate Ethereum Virtual Machine (EVM)-compatible contracts.
Why Does This Matter?
Upbit’s move unites it with other blockchain leaders like Coinbase and Binance, both of which have launched their own blockchain solutions. Giwa positions Upbit not just as a trading platform but an ecosystem builder, encouraging innovation in the crypto space. The testnet’s near-real-time transaction speeds promise users a more responsive experience, setting a high benchmark for blockchain platforms globally.
South Korea’s Crypto Boom
South Korea has emerged as a global crypto powerhouse, ranking second in on-ramp crypto volume between July 2024 and June 2025 at $1 trillion. Regulatory bodies are paving the way with structured policies, such as capping crypto lending rates at 20% and banning leveraged loans. These frameworks ensure sustainability as the crypto market continues to grow rapidly.
Cultural Significance of ‘Giwa’
The name ‘Giwa’ reflects strong Korean heritage, derived from the curved tiles found on traditional hanok roofs. It symbolizes heritage and protection – a perfect representation of a secure yet forward-looking blockchain infrastructure.
Explore More
For developers and crypto enthusiasts, Giwa offers an excellent opportunity to explore Ethereum-compatible blockchain solutions. Whether you’re considering migrating your applications or testing out the speedy block times, this platform is poised to become a major player in the blockchain industry.
Looking for tools to build your blockchain solutions? Consider downloading MetaMask, a trusted decentralized application (dApp) wallet that seamlessly integrates with Ethereum-based networks, including testnets like Giwa Sepolia.
