Dunamu, the parent company behind South Korean's largest crypto exchange Upbit, launches its Ethereum Layer 2 chain named Giwa on testnet. On Tuesday, at Upbit D Conference (UDC) 2025, Dunamu CEO Oh Kyung-seok said in his speech that Giwa will be a blockchain providing utility for the financial sector, and it will support a local currency stablecoin, according to a report from local news outlet Bloomingbit. Upbit quietly released an enigmatic “Giwa” website with a live countdown, stirring up a lot of attention, but remained extremely tight-lipped about revealing additional details of Giwa.