Oh Kyung-seok, CEO of Dunamu, the parent company of Upbit, South Korea’s largest cryptocurrency exchange, has outlined a strategic vision to transform the platform from a digital asset exchange to a comprehensive on-chain financial ecosystem. During a special lecture on digital assets at the Korea University campus in Seoul on May 13, Oh announced plans to launch its own wallet and blockchain infrastructure later this year, as reported by the Electronic Times Internet.
Upbit’s on-chain vision for 13 million users
Oh emphasized that the initiative aims to support Upbit’s 13 million registered users in their transition to on-chain operations, going beyond simple trading and custody. The planned wallet and chain are intended to serve as the foundational infrastructure for this shift, allowing users to interact directly with decentralized applications and protocols.
The CEO stated that the goal is not just an expansion of services, but also the creation of what he described as “the most powerful on-chain gateway in APAC.” This positions the move as a major strategic pivot for Dunamu, which has built its reputation primarily through the centralized exchange Upbit, one of the most liquid digital asset markets globally.
Expansion to APAC via Kiwa Wallet and Kiwa Chain
Dunamu is expanding its on-chain services through two key products: Kiwa Wallet and Kiwa Chain. Oh explained that these tools are designed to help Web2 users (who are used to traditional Internet services) easily enter the Web3 market, without the typical technical barriers. The focus on the Asia-Pacific region suggests an ambition to capture a growing user base in markets where cryptocurrency adoption is accelerating, especially in Southeast Asia.
The company’s strategy reflects a broader industry trend, with established centralized exchanges increasingly investing in decentralized infrastructure to retain users and generate new revenue streams. By offering its own wallet and chain, Dunamu can potentially capture value from on-chain transaction fees, staking and decentralized finance (DeFi) activities, while also reducing dependence on third-party networks.
Consequences for the market and users
For Upbit users, launching its own wallet and chain could mean lower costs, tighter integration with the exchange’s existing services, and a more seamless experience when moving assets between centralized and decentralized platforms. However, the success of this transition will depend on the security, scalability and user acceptance of the new infrastructure.
The announcement also signals Dunamu’s confidence in the long-term viability of the crypto market, despite continued regulatory uncertainty in South Korea and globally. By investing in on-chain technology, the company is betting that the future of finance will be increasingly decentralized, and it aims to be at the center of that shift in the APAC region.
Conclusion
Upbit’s planned evolution into an on-chain platform, led by the launch of its own wallet and blockchain chain, represents a major strategic move by Dunamu. The initiative aims to serve its large user base while expanding into the broader APAC market, potentially reshaping how the exchange competes in an increasingly decentralized industry. The coming months will reveal the technical details and adoption rates that will determine whether this vision becomes a reality.
Frequently asked questions
Question 1: When will Upbit launch its own wallet and blockchain chain?
CEO Oh Kyung-seok has announced that its proprietary wallet and blockchain infrastructure will be launched later this year, although no specific date was given.
Question 2: What are Kiwa Wallet and Kiwa Chain?
Kiwa Wallet and Kiwa Chain are the specific products being developed by Dunamu to ease the transition of Web2 users to the Web3 ecosystem and serve as the core infrastructure for Upbit’s on-chain platform.
Question 3: How does this affect existing Upbit users?
Existing Upbit users can benefit from a more integrated experience, potentially including lower fees for on-chain transactions and easier access to decentralized financial services, all within the Upbit ecosystem.