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 brand new blockchain venture known as “Giwa,” fueling hypothesis about its goal and potential function within the nation’s fast-growing digital asset sector.

The teaser web site, which carries the tagline “trusted construction, not simply form,” supplied no technical particulars however directed guests to the upcoming Upbit Developer Conference, the place observers count on a proper launch.

The improvement comes amid a pattern of companies eyeing proprietary blockchain networks.

Speculation on design

The South Korean crypto group speculated that Giwa might be launched as both a brand new Layer-1 blockchain or a Layer-2 network designed to increase the nation’s web3 infrastructure.

Some advised that regulatory constraints could push Upbit towards a Layer 2 design, whereas others consider the platform might present a basis for won-backed stablecoins, which have seen rising demand amongst home customers.

Upbit’s prominence within the Korean market provides weight to the venture. The exchange’s selections on token listings typically ripple throughout costs, and the Giwa teaser has already drawn heightened consideration from buyers anticipating a brand new liquidity hub.

Awaiting the reveal

If Giwa succeeds in constructing a devoted ecosystem for South Korea, it might give retail and institutional customers an on-ramp into Web3 anchored by interoperability and secure liquidity.

For now, Upbit has launched no additional info past its temporary Korean-language discover.

The exchange is anticipated to reveal full particulars on the developer convention, setting the stage for what might be considered one of its most important bulletins in years.

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