South Korea’s largest cryptocurrency exchange, Upbit, has announced its new Ethereum-based Layer 2 blockchain, “GIWA.” The project has been officially officially recognized with a trademark application filed by Upbit’s parent company, Dunamu.
With GIWA, Upbit aims to expand its ecosystem. New projects in the DeFi, DEX, lending, and NFT spaces are expected to emerge on this chain.
Following Binance and Coinbase in the global crypto market, Upbit has joined the competition by developing its own Layer 2 solution. This step is considered a significant milestone in decentralized finance and the Web3 ecosystem.
Founded in 2017 by Dunamu Inc., a fintech company backed by Kakao Corp., Upbit quickly became one of the leading exchanges in the Asian cryptocurrency market. Its new Layer 2 initiative, GIWA, could further strengthen the exchange’s global role.
South Korea is known for having a significant portion of its population owning altcoins and significantly influencing the altcoin market. XRP, in particular, is a cryptocurrency that frequently attracts high trading volume among South Korean cryptocurrency enthusiasts.
*This is not investment advice.