South Korea’s largest crypto exchange is moving past trading and building its own blockchain.
Upbit is working on an Ethereum layer-2 network called Giwa, short for Global Infrastructure for Web3 Access. The project is already running on a testnet, with details shared during its developer conference and in its technical documents.
The shift reflects how large exchanges are changing their approach. Instead of depending entirely on public blockchains, they are starting to build their own systems to control performance, costs, and how transactions are handled. As platforms grow, relying on shared infrastructure can create limits that are hard to manage.
Giwa runs on the OP Stack developed by the Optimism Foundation. The idea is to keep Ethereum’s security while improving speed and efficiency. Blocks are produced roughly every second, which allows transactions to move much faster than on the base layer.
Upbit says the goal is to make Web3 easier to use in practice. Developers can already test applications on the Giwa Sepolia network and move over existing Ethereum smart contracts without major changes. A block explorer is also live, giving a view into activity on the network as testing continues.
There is still no confirmed timeline for a mainnet launch. Even so, the amount of activity on the testnet suggests development has been underway for longer than it first appeared. The number of processed blocks points to earlier internal testing before the public rollout.
For an exchange of Upbit’s size, building a dedicated chain comes down to control and efficiency. When platforms rely on shared networks, they have limited influence over how transactions are ordered, what fees look like, and how the system performs during peak demand. Those limits become more noticeable as user numbers increase.
Upbit handles a large share of crypto trading in South Korea and serves millions of users. At that level, running its own infrastructure becomes a practical step. It allows the exchange to manage transaction flow directly, capture more of the fees generated by activity on its platform, and maintain stable performance even during periods of heavy trading. It also gives the company more flexibility when dealing with regulatory requirements.
The choice of the OP Stack follows a wider trend. The framework has been used across many layer-2 networks and has proven it can handle large volumes of activity. For companies, this reduces the risk of building on something untested. It also creates compatibility with other networks using the same technology, which can make development easier over time.
At the same time, the Optimism Foundation will provide support such as monitoring tools and backup systems. This setup allows Upbit to maintain control while still having a safety layer in place. It reduces the risk of downtime or technical issues without forcing the company to give up operational authority.
This approach is particularly relevant for a regulated exchange. Maintaining oversight of transaction flow can help with compliance and reporting requirements, which are becoming more important as governments pay closer attention to the crypto sector.
Giwa is still in its early stages, but it fits into a growing pattern across the industry. As more exchanges build their own networks, the line between trading platforms and blockchain providers continues to blur.
For users, the change may not be immediately visible. Trading interfaces will look familiar.
