South Korea’s largest cryptocurrency exchange, Upbit, appears ready to reveal its long-awaited blockchain project, dubbed Giwa, during the Upbit D Conference (UDC) on September 9 in Seoul.
Seems legit, Dunamu filed the trademark for it🔥@Official_Upbit #upbit #L2 #giwa pic.twitter.com/RrOKBZy2Bc
— Anna (@anna__yoon) September 8, 2025
Countdown to Launch
Hints of the launch have been circulating online in recent days. Users spotted a countdown timer on giwa.io, set to expire on the opening day of the conference. Meanwhile, Dunamu—the parent company of Upbit—has filed a trademark application for the Giwa name and logo, reinforcing speculation that the project will take center stage at UDC.
The annual conference, themed “Blockchain, to the Mainstream,” has drawn high-profile participants this year. Confirmed keynote speakers include Eric Trump, executive vice president of the Trump Organization, along with executives from Tether and Ripple.
Lee Yeon-woo
A New Layer 1 Blockchain
While Upbit has not officially published details on its website or social channels, reports suggest that Giwa will be a Layer 1 blockchain, designed to operate independently rather than being built on top of another network.
The project’s name carries cultural weight as well. In Korean, giwa refers to the iconic curved roof tiles found on traditional buildings—interlocking structures that symbolize strength, modularity, and adaptability. The branding may hint at the blockchain’s design philosophy.
Beyond Crypto Trading
Upbit’s move into blockchain development signals a broader ambition to expand beyond its core exchange business. In July, the company announced a partnership with fintech platform Naver Pay to launch a Korean won-denominated stablecoin. Together with the Giwa initiative, the developments suggest Dunamu is building a more comprehensive ecosystem around digital finance.
