Upbit to Launch Proprietary Wallet and Blockchain Chain, Signaling Shift to On-Chain Platform

Oh Kyung-seok, CEO of Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, has outlined a strategic vision to transform the platform from a digital asset exchange into a comprehensive on-chain financial ecosystem. Speaking at a special lecture on digital assets at Korea University’s Seoul campus on May 13, Oh announced plans to launch a proprietary 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 activities, moving 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 merely a service expansion but the creation of what he described as ‘the most powerful on-chain gateway in APAC.’ This positions the move as a significant strategic pivot for Dunamu, which has built its reputation primarily through the centralized exchange Upbit, one of the most liquid markets for digital assets globally.

Expansion into APAC via Kiwa Wallet and Kiwa Chain

Dunamu is building its on-chain services through two key products: Kiwa Wallet and Kiwa Chain. Oh explained that these tools are designed to help Web2 users—those accustomed to traditional internet services—conveniently 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, particularly in Southeast Asia.

The company’s strategy reflects a broader industry trend where established centralized exchanges are increasingly investing in decentralized infrastructure to retain users and generate new revenue streams. By offering a proprietary wallet and chain, Dunamu can potentially capture value from on-chain transaction fees, staking, and decentralized finance (DeFi) activities, while also reducing reliance on third-party networks.

Implications for the Market and Users

For Upbit users, the launch of a proprietary wallet and chain could mean lower fees, 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 adoption of the new infrastructure.

The announcement also signals Dunamu’s confidence in the long-term viability of the crypto market, despite ongoing 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 wants 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 a proprietary 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.

FAQs

Q1: When will Upbit launch its own wallet and blockchain chain?
CEO Oh Kyung-seok announced that the proprietary wallet and blockchain infrastructure are planned for launch later this year, though no specific date has been provided.

Q2: What are Kiwa Wallet and Kiwa Chain?
Kiwa Wallet and Kiwa Chain are the specific products being developed by Dunamu to facilitate the transition of Web2 users into the Web3 ecosystem, serving as the core infrastructure for Upbit’s on-chain platform.

Q3: How will this affect existing Upbit users?
Existing Upbit users may benefit from a more integrated experience, potentially including lower fees for on-chain transactions and easier access to decentralized finance services, all within the Upbit ecosystem.