Upbit GIWA Layer-2: Korea’s Largest Exchange Rumored to Launch Ethereum Chain

Rumors from Asian crypto circles suggest that Upbit, Korea’s largest cryptocurrency exchange, is preparing to launch Upbit GIWA Layer-2, a new Ethereum-based chain. If true, the move could reshape the Asian crypto landscape while intensifying competition with global players like Binance and Coinbase.

Trademark filings fuel speculation

Although the GIWA website has not been officially confirmed, reports indicate that Dunamu, Upbit’s parent company, has already filed trademark applications for the GIWA brand. This step adds weight to the speculation that a Layer-2 chain is imminent.

If launched, Upbit GIWA Layer-2 would directly challenge Binance’s BNB Chain and Coinbase’s Base Network, both of which already dominate key segments of the market. While Coinbase serves as custodian for 9 of the 11 active U.S. crypto ETFs, Upbit controls over 80% of Korea’s daily crypto trading volume.

Strengthening Asian crypto dominance

The rumored GIWA chain could significantly expand Upbit’s influence across Asia. More importantly, it could serve as a launchpad for decentralized financial applications designed for both local and global markets.

By committing resources to the Upbit GIWA Layer-2, the exchange may create a new hub for Asian-native crypto innovation. This comes at a time when demand for alternative financial rails is surging across the continent.

Bitcoin demand rises as Asia diversifies from USD

Upbit’s rumored launch coincides with a broader shift in Asia’s financial strategy. As the Trump administration in the U.S. rolls out crypto-friendly policies, Asian markets are taking their own steps to strengthen independence from the dollar.

Bloomberg recently reported that China increased its gold reserves for the tenth consecutive month. This accumulation aligns with a historic milestone: foreign central banks now hold more gold than U.S. Treasuries for the first time since 1996.

Louis Tsu, CEO of Venom Blockchain, highlighted this shift, noting that the decline in Treasury demand has been matched by a rise in stablecoin adoption for cross-border payments. At the same time, Bitcoin demand on Korean exchanges is climbing, reflecting growing concerns over U.S.-China trade disputes.

Korean premium index signals rising demand

On-chain data further supports this narrative. CryptoQuant’s Korean Premium Index tracks the difference between Bitcoin prices on Korean exchanges and those elsewhere. A rising premium signals stronger local demand relative to global markets.

In July, the index bottomed out at -2.05. Since then, it has risen 130% to reach 0.61 as of September 8, maintaining positive values for four consecutive days. This shift suggests Korean traders are increasingly turning to Bitcoin as a safe-haven asset.

What comes next?

If the current trends continue, Upbit’s rumored GIWA Layer-2 launch could act as a catalyst for greater adoption across Asia. Combined with capital flight from U.S. Treasuries and stronger Bitcoin demand, the launch could push significant inflows into cryptocurrency markets as Q4 2025 unfolds.

In a market already primed by global de-dollarization and heightened geopolitical tensions, the GIWA chain might not just be another Layer-2 project. Instead, it could mark a turning point for Asia’s role in shaping the future of decentralized finance.

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