South Korea’s largest cryptocurrency exchange, Upbit, has announced the launch of its Ethereum layer-2 network, Giwa, on testnet. The news was shared at the Upbit D Conference 2025 on Monday, signaling the exchange’s intent to broaden its scope beyond traditional crypto trading. Giwa, short for Global Infrastructure for Web3 Access, aims to create a more accessible and user-friendly Web3 environment by leveraging the Optimism Foundation’s OP Stack. The network will offer one-second block times while inheriting Ethereum’s robust security for transaction settlement. According to the Korean-translated documentation, Giwa’s mission is to “make Web3 infrastructure easy and fun for everyone.” Its testnet, Giwa Sepolia, already includes essential development tools, enabling developers to migrate Ethereum Virtual Machine-compatible contracts. A block explorer is also live, allowing users to track transactions and activity. Though a mainnet launch date has not been confirmed, the project’s progress is evident from its over 4 million blocks added. Giwa Joins Growing Trend of Exchange-Led Blockchains Upbit’s move follows a broader trend of major exchanges building their own blockchains. Coinbase’s Base and Binance’s BNB Chain have already set precedents, enabling developers to build decentralized applications using layer-2 solutions. In 2025, other global players such as Google, Stripe, and Sony Group have either launched or announced blockchain initiatives , signaling that infrastructure expansion is a key strategic priority across industries. Giwa’s architecture is designed for flexibility, allowing customization as the Optimism Foundation’s open-source tech stack evolves. The network’s name is inspired by curved tiles (giwa) seen on traditional Korean rooftops, symbolizing heritage and protection—a nod to its South Korean roots and cultural identity. South Korea’s Crypto Market Remains Strong Upbit’s announcement comes at a time when South Korea continues to lead global crypto adoption . The platform currently accounts for over 70% of the country’s crypto trading volume with a 24-hour trading volume of $2.5 billion. Furthermore, the Chainalysis 2025 Global Adoption Index ranked South Korea as the second largest crypto on-ramp market, with $1 trillion in volume between July 2024 and June 2025, trailing only the United States. The post Upbit Launches Ethereum Layer-2 Giwa on Testnet: Details appeared first on TheCoinrise.com .
