South Korean exchange Upbit teases own blockchain network with countdown

South Korea’s largest crypto exchange, Upbit, unveiled a cryptic countdown this week for a caller blockchain task called “Giwa,” fueling speculation astir its intent and imaginable relation successful the country’s fast-growing integer plus sector.

The teaser site, which carries the tagline “trusted structure, not conscionable shape,” offered nary method details but directed visitors to the upcoming Upbit Developer Conference, wherever observers expect a ceremonial launch.

The improvement comes amid a inclination of firms eyeing proprietary blockchain networks.

Speculation connected design

The South Korean crypto assemblage speculated that Giwa could beryllium introduced arsenic either a caller Layer-1 blockchain oregon a Layer-2 web designed to grow the country’s web3 infrastructure.

Some suggested that regulatory constraints whitethorn propulsion Upbit toward a Layer 2 design, portion others judge the level could supply a instauration for won-backed stablecoins, which person seen rising request among home users.

Upbit’s prominence successful the Korean marketplace adds value to the project. The exchange’s decisions connected token listings often ripple crossed prices, and the Giwa teaser has already drawn heightened attraction from investors anticipating a caller liquidity hub.

Awaiting the reveal

If Giwa succeeds successful gathering a dedicated ecosystem for South Korea, it could springiness retail and organization users an on-ramp into Web3 anchored by interoperability and unchangeable liquidity.

For now, Upbit has released nary further accusation beyond its little Korean-language notice.

The speech is expected to disclose afloat details astatine the developer conference, mounting the signifier for what could beryllium 1 of its astir important announcements successful years.

The station South Korean speech Upbit teases ain blockchain web with countdown appeared archetypal connected CryptoSlate.