Upbit Rumored to Launch GIWA Layer-2 Chain on Ethereum Amid Asian Crypto Surge

Key Notes

• Upbit's parent company Dunamu has filed trademark applications for GIWA, positioning to compete with Binance and Coinbase networks.
• China increased gold holdings for the 10th consecutive month while foreign central banks' reserves exceed US Treasuries since 1996.
• Bitcoin Korean Premium Index climbed 130% from July to September, indicating strong regional demand amid escalating trade tensions.

Online reports from Asian crypto communities on Monday suggest that Koreas largest crypto exchange, Upbit, is set to launch GIWA, a Layer-2 chain built on Ethereum.

Upbit(@Official_Upbit) Will Launch Their Own L2 Chain!

Likely named “GIWA”, quite a traditional name choice.

A couple of weeks ago, I wrote about “what if Upbit launches their own chain.”

Several of my assumptions seem correct. they announced they are preparing a Layer 2… https://t.co/SmpqN0iiqh pic.twitter.com/NwtFirL5b0

— Jay Jo (@0xyuns) September 8, 2025

While the rumored GIWA website is yet to be officially confirmed, CoinDesk reported that Upbits parent company, Dunamu, has already filed trademark applications for the proposed name of the layer-2 chain.

Upbit is now set to lock horns with Binance‘s BNB Chain and Coinbase’s Base Network, as the race for global crypto market dominance heats up. As custodian for 9 of the 11 active US crypto ETFs, Coinbase dominates US institutional markets while Upbit has cornered over 80% of daily crypto trading volume in Korea.

The GIWA L2 launch could expand Upbit‘s dominance of the continent’s crypto market share, while also facilitating development of Asian-native decentralized financial applications for local and global markets.

Bitcoin Demand in Asia Surges as China Diversifies from USD

While the Trump-led US regime took the driving seat in 2025 with multiple crypto-friendly policies, Upbits decision to commit resources to the Giwa Layer 2 launch could also deepen adoption of cryptocurrencies within Asian markets. Recent global de-dollarization trends and on-chain trading indicators further emphasize this narrative.

On Sunday, Bloomberg reported that the Chinese government increased its gold holdings for the 10th consecutive month.

This aligns with recent insights from Louis Tsu, CEO of Venom Blockchain, which recently entered acquisition talks with a Chinese fintech firm, highlighting that globally, foreign central banks gold reserves have exceeded allocations to US Treasuries for the first time since 1996.

In 1996 blockchain financial infrastructure did not exist neither did stablecoins. This chart is one signal of many that tells the story is about to change and new characters play a big role. pic.twitter.com/c4EnHpn4bJ

— Louis Tsu (@louis_tsu) August 28, 2025

The decline in US Treasuries has been linked to increases in stablecoin adoption in cross-border payments. However, on-chain data also shows an increase in demand for Bitcoin BTC $111 941 24h volatility: 0.6% Market cap: $2.23 T Vol. 24h: $37.10 B on Korean exchanges in recent months, with Asian traders seeking a flight-to-safety as US-China trade disputes escalate.

CryptoQuants Korean Premium Index chart tracks real-time gaps between BTC prices on crypto trading platforms based in Korea, against non-Korean exchanges. Rising premium values emerge when demand within Korea hits peak levels, relative to global markets.

Bitcoin Korean Premium Index rises 130% between July 14 and Sept. 8, 2025 | Source: CryptoQuant

The chart above shows that the BTC Korean Premium Index has been on a steady rise since its recent low at -2.05 on July 14. It has since climbed by 130% to reach 0.61, at press time on Sept. 8, trending in positive values in each of the last 4 days.

If the current trends persist, the anticipated Asian adoption boost from Upbits Giwa L2 launch, and active capital flight from US Treasury assets could combine to trigger more inflows toward the cryptocurrency markets as Q4 2025 unfolds.