Upbit launches its own blockchain "GIWA", joining the race with the giants
Upbit, the leading cryptocurrency exchange in South Korea, is preparing to launch its own Layer-2 blockchain called
#GIWA (Global Infrastructure for Web3 Access). This move demonstrates Upbit's ambition to not only be an exchange but also to build a comprehensive blockchain ecosystem, similar to international competitors like Coinbase and Binance.
Strong technological foundation
GIWA is built on the OP Stack architecture of
#Optimism , promising high transaction processing speed and efficiency. Currently, this platform is being tested on the Ethereum testnet and has achieved a block creation time of just 1 second, an impressive figure. Upbit also plans to release the GIWA Wallet to help users manage assets on the new network.
Comprehensive strategy
Upbit is not just building a blockchain but also developing a complete ecosystem that includes decentralized applications (dApp), DeFi platforms, and supporting tools. Their goal is to create an open platform that is easy to integrate with other financial services. GIWA is designed to connect with the traditional financial industry and will support a domestic stablecoin of South Korea. Upbit's entry into the race of "creating its own chain" alongside other major names like Coinbase (Base) and OKX (XLayer) shows the trend of companies not only trading but also wanting to control blockchain infrastructure to promote digital financial services.
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