South Korea's Upbit Plans GIWA Blockchain Launch at UDC Conference

Upbit, South Korea's largest cryptocurrency exchange, is preparing to launch a new blockchain network named "Giwa," with details expected at the Upbit Developer Conference (UDC) on September 9. The project, rumored to be either a Layer 1 or Layer 2 blockchain, aims to enhance South Korea's Web3 liquidity and could focus on stablecoin development, particularly won-backed assets. Dunamu, Upbit's parent company, has filed trademarks for Giwa, fueling speculation that the network will support a broader ecosystem of decentralized applications and services beyond trading. The name "Giwa," meaning traditional Korean roof tiles, symbolizes modular and interlocking design principles, potentially reflecting the blockchain's architecture. The launch would represent a strategic expansion for Dunamu into blockchain development, leveraging Upbit's large user base to create a competitive domestic and global platform. At the UDC, high-profile speakers including Eric Trump and executives from Tether and Ripple are expected to discuss the project, underscoring its significance in South Korea's blockchain ecosystem.