- Upbit teases blockchain project Giwa, sparking excitement within cryptocurrency community.
- Speculation grows on Giwa’s potential impact on South Korea’s Web3.
- Giwa may leverage liquidity for stablecoins, building national blockchain ecosystem.
Upbit exchange is hinting at a new project called “Giwa,” which has been causing speculation among the cryptocurrency fraternity. The project looks to be a blockchain project, although the details are not precise. The South Korean exchange has not yet uncovered the scope of the project.
Upbit’s Giwa Project Hints at Innovation
Upbit’s countdown launched through a special Giwa site has caused tremendous buzz. The site’s tagline, “Trusted structure, not just shape,” hints at the project’s main principles. Also, the site cites UDC (Upbit Developer Conference), giving many hope that there will be an official announcement during this event.
So far, Upbit has not revealed whether Giwa is an L1 or L2 blockchain. Nonetheless, the time will run out, and the use of cryptic messages implies that something big is about to happen. This has captured the interest of investors, and analysts have theorized that the project holds the potential to transform the Web3 landscape in South Korea.
Also Read: Trending: ‘Coinbase is Coordinatingly Manipulating XRP’ – Pundit Explains How
Theorists Predict Giwa Could Leverage South Korea’s Liquidity
Experts have speculated that Giwa would be able to access the increasing Web3 liquidity in South Korea. Upbit might leverage the blockchain to create won-backed stablecoins, given that the region needs this kind of asset. Moreover, the initiative may enable the development of a national blockchain ecosystem, which provides new prospects to retail and institutional investors.
Nevertheless, the project might be restricted in scope due to regulatory issues. According to some analysts, South Korean regulations might cause Upbit to roll out Giwa as an L2 blockchain. Despite this, there is hope that Giwa can still be instrumental in improving the blockchain infrastructure in the country.
The launch of Giwa may be a turning point in the work of the Upbit exchange. As the exchange is the market leader in the Kosovo crypto market, its entry into the blockchain building has attracted global investors.
Also Read: 3.57 Billion XRP Surge on Binance – What’s Happening?
