Let's seize the K-Blockchain... Upbit and Hashed face off head-on.

As discussions on establishing a Korean Won stablecoin system gain momentum, Upbit and Hashed, two major players in the domestic blockchain industry, are competing for infrastructure leadership. Ahead of the institutionalization of digital assets like Korean Won coins and security token offerings (STOs), the movement to secure blockchain infrastructure is gaining momentum.

According to cryptocurrency industry sources on the 23rd, Upbit and Hashed are each advancing into the market with different blockchain platforms. Hashed's subsidiary, Hashed Open Finance, unveiled its blockchain, "Maru," the previous day, touting infrastructure tailored to the Korean won economy. This comes roughly four months after Upbit launched its Kiwachain in September of last year.



A key difference between the two blockchains is their fee structure. Upbit's Gigachain is a Layer 2 (L2) structure compatible with the Ethereum ecosystem. It builds on the existing Ethereum network to speed up transaction processing and reduce transaction fees. Gigachain uses Ethereum (ETH) as gas (transaction fee) for transactions.

Hashed Open Finance's Maru, on the other hand, is a Layer 1 (L1) blockchain that uses the Korean Won stablecoin OKRW (tentative name) as gas fees. It is designed to allow businesses and developers to predict and manage infrastructure costs in Korean Won.

To issue or trade new coins based on the Maru chain, holding OKRW is mandatory. With the issue of circulation and utilization after the issuance of the KRW coin being highlighted as a challenge, Maru has established a clear use for OKRW by allowing it to be used for essential purposes like gas fees. However, the issuer of OKRW and whether Hashed will be involved in this process have not yet been determined.

Industry insiders say these strategic differences stem from the two sides' differing visions for the future of finance. Dunamu, the operator of Upbit, which is in the process of merging with Naver Financial, is accelerating its efforts with a global market in mind. Dunamu Chairman Song Chi-hyung stated at a press conference last November, "I thought that merging with Naver Financial would give us a chance to compete with Coinbase and Circle." With even rumors of a NASDAQ listing looming, this is interpreted as a strategy to secure scalability through Kiwachain's integration with the global blockchain ecosystem.

Hashed appears to be planning to introduce institutional-friendly features like anti-money laundering (AML) and know-your-customer (KYC) to its KRW-based blockchain, thereby attracting adoption from traditional financial institutions. It also appears to be aiming to establish OKRW as the key currency in the domestic blockchain ecosystem.

Hashed's development organization, including its subsidiaries, reportedly operates with approximately 20 employees. Dunamu does not disclose the specific size of Kiwachain's workforce.

An industry insider said, "The Upbit-Naver camp seems interested in a structure where Korean won coins are widely distributed, centered around fintech companies," adding, "Hashed appears to be focusing on a strategy to dominate the market from the issuance stage by joining hands with traditional financial institutions."

Reporter Do Ye-ri