Dunamu Quietly Builds GIWA — South Korea’s Next Crypto Infrastructure Play?

Dunamu, the operator of South Korea’s leading cryptocurrency exchange Upbit, is reportedly preparing to unveil a new blockchain project named “GIWA.” The initiative has gained traction through recent trademark filings and online activity, including a dedicated website with a countdown linked to an upcoming announcement. The website, which is already live, features a countdown set to expire on September 9, coinciding with the start of Upbit’s annual developer conference, UDC 2025, in Seoul [1]. The countdown suggests a potential announcement of the project during or shortly after the event [2].

Trademark applications for GIWA cover a range of blockchain-related products, including blockchain software, digital asset infrastructure, and associated technologies. The filings also include stylized logos, hinting at the possibility of a branded blockchain platform or ecosystem [1]. Industry observers speculate that Dunamu may be developing a layer-1 or layer-2 blockchain network, potentially supporting digital assets, on-chain applications, or identity systems. However, Dunamu has not made any official public statements regarding the project [2].

The rumored project has drawn comparisons to other blockchain initiatives led by major cryptocurrency exchanges. For instance, Coinbase’s Base, OKX’s OKChain, and Binance’s BNB Chain have all positioned themselves as foundational infrastructure for decentralized applications. Similarly, Stripe and Paradigm recently launched Tempo, a blockchain focused on stablecoin payments, backed by notable partners such as OpenAI and Deutsche Bank [2]. These developments highlight a growing trend among exchanges and fintech firms to build blockchain infrastructure that supports broader digital financial services.

The GIWA project appears to be in a late stage of development, given the trademark filings and active countdown on its associated website. Rumors about the project began circulating on social media platforms like X, where one user shared claims from an attendee of the Upbit Developer Conference, suggesting that GIWA is set to be its own blockchain network [2]. Despite the growing attention, neither Dunamu nor Upbit has confirmed or denied the rumors.

The timing of the potential announcement aligns with broader regulatory and technological shifts in South Korea’s cryptocurrency sector. Earlier in September, the South Korean Financial Services Commission (FSC) implemented new rules capping crypto lending interest at 20% annually and banning leveraged lending that exceeds collateral value. These measures aim to address risks associated with the rapid expansion of lending services on platforms like Upbit and Bithumb [4]. While not directly related to the GIWA project, these regulatory changes reflect the evolving landscape in which Dunamu operates.

The GIWA initiative, if confirmed, could represent a significant strategic move for Dunamu as it seeks to expand its role beyond a traditional cryptocurrency exchange. By developing its own blockchain infrastructure, the company may aim to offer users a broader range of services, including decentralized finance (DeFi) platforms, identity management solutions, or cross-chain interoperability tools. The project’s success will likely depend on factors such as technical robustness, regulatory alignment, and user adoption, particularly in a competitive market where similar initiatives are already well established [2].

Source:

[1] Upbit launches GIWA chain blockchain announcement (https://cryptobriefing.com/upbit-launches-giwa-chain-blockchain-announcement/)

[2] Upbit parent files 'GIWA' trademarks amid rumors of new blockchain launch (https://finance.yahoo.com/news/upbit-parent-files-giwa-trademarks-173628297.html)

[3] Upbit parent files 'GIWA' trademarks amid rumors of new blockchain launch (https://www.coindesk.com/web3/2025/09/08/upbit-parent-files-giwa-trademarks-amid-rumors-of-new-blockchain-launch)

[4] South Korea caps crypto lending at 20% interest, bans over-collateralized loans (https://cryptorank.io/news/feed/4a019-south-korea-caps-crypto-lending-at-20-interest-bans-over-collateralized-loans)