In a significant move that has captured the attention of the cryptocurrency community, Dunamu, the parent company of South Korea’s leading crypto exchange Upbit, has filed trademark applications for a project rumored to be a new blockchain network named “GIWA.” The news has sparked widespread speculation and anticipation, particularly within the context of the ongoing Upbit Developer Conference (UDC) in Seoul, South Korea.
Trademark Filings Stir Speculation
The trademark filings, which have been circulating across social media, showcase stylized letters alongside what appears to be a logo for the project. The origin of these rumors traces back to a post on the microblogging platform X, where a user claimed that a friend attending UDC overheard discussions about the blockchain being an independent network. These whispers have since gained momentum, resonating across various online platforms, though neither Upbit nor Dunamu has officially confirmed the project’s specifics.
A Countdown to Revelation
Adding fuel to the speculation, a website linked to the GIWA name has been discovered. It features a countdown with the words “Coming soon,” aligning perfectly with the timeline of the UDC, which kicked off today, September 9. This synchronization has led enthusiasts to believe that an official announcement is imminent, possibly within hours.
Upbit’s Strategic Move
If confirmed, Upbit’s venture into blockchain development would position it among other leading exchanges that have launched their own networks. Notable examples include Coinbase’s Base, OKX’s OKChain, and Binance’s BNB Chain, each fostering their unique ecosystems and expanding their influence within the crypto sphere. More recently, companies like Stripe and Paradigm have also entered the fray, unveiling Tempo, a blockchain for high-speed stablecoin payments, backed by giants such as Anthropic, OpenAI, and Deutsche Bank.
Official Confirmation and Vision
In a twist of events, Upbit has seemingly confirmed the launch of both the GIWA Chain and the GIWA Wallet. An email shared with CoinDesk, originally in Korean, indicates that CEO Kyungseok Oh will officially unveil these products during the UDC event. The correspondence from Dunamu’s public relations department elaborates that GIWA stands for “Global Infrastructure for Web3 Access.” Through GIWA, Dunamu aims to simplify access to Web3 infrastructure, encouraging domestic developers to create diverse blockchain services and actively participate in the global Web3 ecosystem.
The email further elucidates Dunamu’s aspirations: “Dunamu hopes that more domestic developers will create various blockchain services on GIWA Chain, enter the Web3 ecosystem, and not be left out of the global market. Furthermore, Dunamu expects this to contribute both to the domestic blockchain ecosystem and to the global Web3 industry.”
Technical Details: Layer-2 Architecture
The GIWA Chain is reported to be a Layer-2 blockchain network leveraging Optimistic Rollup architecture. This technology is known for enhancing transaction speed and reducing costs on blockchain networks, positioning GIWA as a competitive player in the industry. The GIWA Wallet, integrated with the GIWA Chain, will support a variety of networks including Ethereum, Base, Optimism, Polygon, Avalanche, and Arbitrum, offering users a versatile and comprehensive platform for their blockchain activities.
Implications for the Blockchain Industry
The launch of the GIWA Chain and Wallet could represent a pivotal moment for both Upbit and the broader blockchain industry. By facilitating easier access to Web3 technologies and encouraging innovation among Korean developers, Dunamu aims to strengthen its position in the rapidly evolving global market. The integration of multiple networks into the GIWA Wallet demonstrates a commitment to interoperability, a key factor in advancing blockchain adoption.
Conclusion: Anticipation Builds
As the countdown on the GIWA website ticks down, the crypto community watches with bated breath. The potential unveiling of a new blockchain network by a major player like Upbit underscores the dynamic and ever-evolving nature of the cryptocurrency landscape. Whether GIWA will live up to the hype and deliver on its promises remains to be seen, but one thing is certain: the world is watching, and the anticipation is palpable.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
