Upbit Operator Dunamu Unveils Layer-2 Blockchain GIWA

What to know:

• Dunamu, the company that operates Upbit, launched its Web3 infrastructure brand GIWA at the Upbit Developer Conference in Seoul.
• GIWA includes the GIWA Chain, a layer-2 blockchain built on Optimistic Rollup technology, and the GIWA Wallet, a mobile app for digital asset storage and transfers.
• The Web3 infrastructure brand's announcement comes after rumors surfaced online surrounding it over discovered trademark patents the company filed.

Dunamu, the operator of popular South Korean cryptocurrency exchange Upbit, has unveiled its own Web3 infrastructure brand GIWA at the Upbit Developer Conference (UDC) in Seoul.

The Seoul-based company GIWA is designed to make blockchain technology more accessible to developers and users in Korea and abroad.

GIWA, short for "Global Infrastructure for Web3 Access,” includes the GIWA Chain, a layer-2 blockchain built on Optimistic Rollup technology, and GIWA Wallet, a mobile app that supports digital asset storage and transfers across several chains including Ethereum, Base, Arbitrum, Avalanche, and Polygon as well as its own GIWA Chain.

Dunamu drew parallels between the blockchain and Korea’s traditional roof tiles, known as “giwa,” which layer to form durable structures. Similarly, GIWA Chain is intended to stack data securely while enabling smart contract-based applications, the company said. GIWA Chain, it added, is currently available in testnet.

The GIWA Wallet, meanwhile, is available for demo use during the conference and will expand blockchain support in the future. The official launch date of the wallet, Dunamu added, hasn’t yet been determined.

Dunamu framed GIWA as a response to the global dominance of U.S. and Singapore-based blockchain ecosystems. By offering local infrastructure, it hopes to draw more Korean developers into Web3.

Rumors surrounding the launch of GIWA began circulating earlier, after trademark applications from the firm were spotted online. A website for GIWA has since gone online.