Upbit, South Korea’s largest crypto exchange by trading volume, has announced the launch of Giwa, its Ethereum layer-2 blockchain, now live on testnet. The news was unveiled at the Upbit D Conference 2025. Giwa, short for Global Infrastructure for Web3 Access, leverages the Optimism Foundation’s OP Stack to deliver one-second block times while relying on Ethereum for settlement security.
Documentation describes Giwa’s mission as making Web3 “easy and fun for everyone.” The testnet, called Giwa Sepolia, already features development tools, EVM contract migration capabilities, and a functioning block explorer. While no timeline for mainnet launch was provided, Giwa is designed for flexibility, adapting as the OP Stack evolves.
The initiative mirrors moves by Coinbase and Binance, which launched Base and BNB Chain respectively, to diversify into blockchain infrastructure. Upbit joins global firms like Google, Stripe, and Sony, all of which have unveiled blockchain projects this year, signaling growing momentum for mainstream Web3 adoption.
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