When Upbit Dunamu met banks and trading companies… What future finance will 'GIWA Chain' draw?

Dunamu's 'GIWA Chain' leads innovation in global financial and trade infrastructure beyond exchanges… 'Triangular Alliance' with Hana Financial and POSCO

▲ Dunamu, Hana Financial, and POSCO International cooperate on global financial infrastructure based on ‘GIWA Chain’

Dunamu, which operates Upbit, the largest virtual asset exchange in Korea, is rapidly expanding its territory beyond a simple virtual asset ecosystem to the global financial and trade infrastructure market, using its self-developed Layer 2 blockchain 'GIWA Chain' as its weapon.

Dunamu announced that it officially signed a tripartite Memorandum of Understanding (MOU) for convergence innovation between finance, digital assets, and industry on the 29th at Hana Financial Group's Myeongdong building, with the attendance of Dunamu CEO Oh Kyung-seok, Hana Financial Group Vice Chairman Lee Eun-hyung, and POSCO International President Lee Gye-in.

The core of this agreement is a 'super-large-scale demonstration project' that connects Dunamu's GIWA Chain to Hana Financial Group's powerful global foreign exchange network and POSCO International's extensive global supply chain, applying blockchain technology to actual large-scale fund flows.

Through this, the three companies plan to build a real-time overseas remittance service based on GIWA Chain, maximize the efficiency of global fund management and payment settlements, and jointly discover new digital financial business opportunities. Initially, they will advance the technical verification of converting the existing SWIFT (Society for Worldwide Interbank Financial Telecommunication) system into blockchain messages and securely implement POSCO International's trade data on GIWA Chain to significantly enhance the transparency and efficiency of large-scale business-to-business (B2B) transactions.

Dunamu's moves are an extension of its successful partnerships with the financial sector. GIWA Chain, an Ethereum-based Layer 2 network, focuses on building a 'trust layer' that integrates identity verification, oracles (external data connection), and payments, going beyond simple processing speed improvements.

Indeed, GIWA Chain has already established itself as a core backend infrastructure in the financial sector. Hana Bank has successfully completed a Proof of Concept (PoC) for remittance message processing using GIWA Chain instead of the SWIFT network and plans to build a next-generation overseas remittance infrastructure based on deposit tokens in the third quarter. Shinhan Bank is also proving the practicality of blockchain by migrating the stringent qualification verification system for its non-face-to-face professional loan product, 'Doctor Loan,' to GIWA Chain's credential service, 'Dojang.'

Industry experts evaluate Dunamu's 'infrastructure preemption' strategy as a very clever move. This is because, once the Digital Asset Basic Act is enacted and bank-centric stablecoin issuance becomes full-fledged, the key competitive edge will ultimately depend on which chain and verification infrastructure are utilized. As 'K-blockchain' GIWA Chain, perfectly optimized for the domestic regulatory environment, has already been chosen by major commercial banks, it is analyzed that it can secure a firm advantage in future competition with global blockchain operators.

Oh Kyung-seok, CEO of Dunamu, stated his ambition, "We expect GIWA Chain's technological capabilities to become the foundation for realizing a more efficient and transparent on-chain financial environment," adding, "We will firmly support the changes in future finance brought by blockchain technologically." The financial and industrial sectors are focusing on the innovation that Dunamu's steadfast challenge to leap beyond a virtual asset exchange to become a core digital financial infrastructure company will create.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*