South Korea’s largest cryptocurrency exchange, Upbit, has officially launched GIWA, a new Ethereum Layer 2 blockchain. The name GIWA, which stands for “Global Infrastructure for Web3 Access,” highlights the project’s goal of making Web3 faster, cheaper, and more accessible for everyday users.
GIWA is built on the OP Stack, an open-source framework from the Optimism Foundation. This allows it to offer fast, one-second block times and near-real-time transactions while remaining fully compatible with existing Ethereum developer tools and smart contracts.
The launch shows that Upbit is moving beyond its role as just an exchange, similar to how other major platforms like Coinbase and Binance have built their own ecosystems. By creating GIWA, Upbit aims to gain more control over its platform and foster innovation in South Korea’s Web3 market.
The new blockchain addresses Ethereum’s common issues of slow transaction speeds and high fees. GIWA processes most transactions on its own network before settling them back on Ethereum, providing high performance without sacrificing security. Its compatibility with the Ethereum Virtual Machine (EVM) makes it easy for developers to migrate existing projects.
Additionally, GIWA introduces a GIWA ID, a non-transferable Soulbound Token (SBT) for user verification. This ID is permanently linked to a user’s wallet, preventing misuse and adding a layer of security. A public testnet is now available, allowing developers to test applications and experiment with the network as GIWA continues its development.
September 2025, Cryptoniteuae
