Korea’s largest crypto exchange Upbit is reportedly launching GIWA, an Ethereum Layer-2 chain, as Asian crypto adoption accelerates alongside China’s continued diversification from US dollar assets.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Online reports from Asian crypto communities on Monday suggest that Korea’s largest crypto exchange, Upbit, is set to launch GIWA, a Layer-2 chain built on Ethereum.
Upbit(@Official_Upbit) Will Launch Their Own L2 Chain!
Likely named "GIWA", quite a traditional name choice.
A couple of weeks ago, I wrote about "what if Upbit launches their own chain."
Several of my assumptions seem correct. they announced they are preparing a Layer 2… https://t.co/SmpqN0iiqh pic.twitter.com/NwtFirL5b0
— Jay Jo (@0xyuns) September 8, 2025
While the rumored GIWA website is yet to be officially confirmed, CoinDesk reported that Upbit’s parent company, Dunamu, has already filed trademark applications for the proposed name of the layer-2 chain.
Upbit Exchange’s rumored L2 Chain, Giwa website | Source: Giwa.io Sept 8, 2025
Upbit is now set to lock horns with Binance’s BNB Chain and Coinbase’s Base Network, as the race for global crypto market dominance heats up. As custodian for 9 of the 11 active US crypto ETFs, Coinbase dominates US institutional markets while Upbit has cornered over 80% of daily crypto trading volume in Korea.
The GIWA L2 launch could expand Upbit’s dominance of the continent’s crypto market share, while also facilitating development of Asian-native decentralized financial applications for local and global markets.
While the Trump-led US regime took the driving seat in 2025 with multiple crypto-friendly policies, Upbit’s decision to commit resources to the Giwa Layer 2 launch could also deepen adoption of cryptocurrencies within Asian markets. Recent global de-dollarization trends and on-chain trading indicators further emphasize this narrative.
On Sunday, Bloomberg reported that the Chinese government increased its gold holdings for the 10th consecutive month.
This aligns with recent insights from Louis Tsu, CEO of Venom Blockchain, which recently entered acquisition talks with a Chinese fintech firm, highlighting that globally, foreign central banks’ gold reserves have exceeded allocations to US Treasuries for the first time since 1996.
In 1996 blockchain financial infrastructure did not exist neither did stablecoins. This chart is one signal of many that tells the story is about to change and new characters play a big role. pic.twitter.com/c4EnHpn4bJ
— Louis Tsu (@louis_tsu) August 28, 2025
The decline in US Treasuries has been linked to increases in stablecoin adoption in cross-border payments. However, on-chain data also shows an increase in demand for Bitcoin BTC $111 437 24h volatility: 1.2% Market cap: $2.22 T Vol. 24h: $42.72 B on Korean exchanges in recent months, with Asian traders seeking a flight-to-safety as US-China trade disputes escalate.
CryptoQuant’s Korean Premium Index chart tracks real-time gaps between BTC prices on crypto trading platforms based in Korea, against non-Korean exchanges. Rising premium values emerge when demand within Korea hits peak levels, relative to global markets.
Bitcoin Korean Premium Index rises 130% between July 14 and Sept. 8, 2025 | Source: CryptoQuant
The chart above shows that the BTC Korean Premium Index has been on a steady rise since its recent low at -2.05 on July 14. It has since climbed by 130% to reach 0.61, at press time on Sept. 8, trending in positive values in each of the last 4 days.
If the current trends persist, the anticipated Asian adoption boost from Upbit’s Giwa L2 launch, and active capital flight from US Treasury assets could combine to trigger more inflows toward the cryptocurrency markets as Q4 2025 unfolds.
With Upbit’s rumored GIWA launch sparking interest among Asian market watchers, projects like Maxi Doge (MAXIDOGE) are also gaining traction. The newly launched meme-driven token is drawing strong interest among traders seeking high-risk, high-reward utilities with community-driven growth narratives.
Maxi Doge Presale
Currently priced at $0.000256, the Maxi Doge presale has already raised more than $1.94 million of its $2.18 million target. Investors can still secure MAXIDOGE tokens through the official Maxi Doge site before the next presale activities begin.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
