South Korean Exchange Giant Dunamu Prepares GIWA Chain Launch Following Global Blockchain Trend
Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, has filed trademark applications for a new blockchain project called "GIWA." According to CoinDesk, the trademark filings include stylized logos alongside the GIWA name, suggesting development of a branded blockchain platform.
A website connected to the project went live with a countdown timer indicating an announcement could occur within hours. The countdown coincides with the Upbit Developer Conference scheduled for September 9, 2025, in Seoul. BeInCrypto reports that industry observers remain uncertain whether GIWA will operate as a Layer 1 or Layer 2 blockchain network. The name "Giwa" refers to traditional Korean roof tiles, potentially symbolizing interlocking and modular design principles.
Upbit has maintained strict secrecy about GIWA's technical specifications beyond the countdown and a brief notice on its Korean-language website. The exchange commands significant influence in South Korea's crypto market, with token listings frequently affecting global asset prices.
Why This Blockchain Launch Matters
The GIWA blockchain represents Upbit's strategic expansion beyond traditional exchange services into infrastructure development. Crypto News notes this move could reshape South Korea's Web3 ecosystem by creating new entry points for retail and institutional investors.
South Korea operates one of the world's most active cryptocurrency markets. The Bridge Chronicle reports the country's crypto trading volume is forecast to reach $663 billion in 2025, making the Korean won the second-most-used fiat currency for crypto transactions globally. With approximately 15.6 million South Koreans actively trading cryptocurrencies, representing nearly 30% of the population, GIWA could tap into substantial domestic liquidity.
The blockchain may enable won-backed stablecoins, addressing growing demand for regulated digital payment solutions. Upbit already partnered with fintech platform Naver Pay in July 2025 to launch its own Korean won-denominated stablecoin, demonstrating the exchange's commitment to expanding financial services.
Exchange-Backed Blockchain Ecosystem Growth
GIWA joins a growing trend of major cryptocurrency exchanges launching their own blockchain networks. The pattern includes Coinbase's Layer 2 Base network, OKX's OKChain, and Binance's support for what later became BNB Chain. CryptoNews reports that exchange-backed blockchains typically focus on reducing transaction costs while increasing throughput for users.
These platforms create competitive advantages by offering native token listings and specialized trading features. Base has attracted significant developer activity since its 2023 launch, while BNB Chain processes millions of daily transactions. Industry analysts suggest exchange-operated blockchains can leverage existing user bases to achieve faster adoption compared to independent Layer 1 networks.
Recent developments show Stripe and Paradigm unveiled Tempo, a blockchain designed for high-speed stablecoin payments, backed by partners including Deutsche Bank and OpenAI. This demonstrates institutional interest in purpose-built blockchain infrastructure. AI Invest reports South Korean regulators have introduced supportive frameworks for crypto firms, offering tax incentives while maintaining compliance requirements.
South Korea's regulatory environment could provide GIWA with advantages over competitors. The Financial Services Commission approved spot Bitcoin ETFs and promoted stablecoin innovation throughout 2025, creating clearer operational guidelines for blockchain projects.
Further Reading
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