Upbit Partners with Hana Financial on Blockchain Pilot to Disrupt Global Remittances

▲ [Photo] Dunamu unveiled its Layer 2 blockchain, GIWA Chain, in September 2025.

Dunamu, the operator of Upbit, and Hana Financial Group have completed a proof-of-concept for blockchain-based overseas remittances, mounting a challenge to the SWIFT-centered international remittance system.

Dunamu announced on the 27th that it had successfully completed a technical verification (PoC) of an overseas remittance service using blockchain technology in partnership with Hana Financial Group. The test replaced traditional SWIFT financial messages exchanged between Hana Bank’s domestic and overseas branches with blockchain-based messages on Dunamu’s Layer 2 blockchain, the “GIWA Chain.” The two companies said they confirmed the potential for reduced fees and improved processing speeds.

In particular, Dunamu’s privacy protocol “BOJAGI” played a key role. Designed based on Zero-Knowledge Proof technology, the BOJAGI protocol maintains transaction transparency while preventing the exposure of sensitive information about senders and recipients. It is significant in that it simultaneously satisfies the inherent transparency of blockchain structures and the stringent data protection requirements of financial institutions.

This PoC marks the first outcome of a memorandum of understanding (MOU) signed in December last year for the joint development of financial services using blockchain technology. The two sides have been gradually reviewing ways to integrate blockchain into traditional financial sectors, including foreign exchange operations. Unlike a simple pilot, the test carries greater weight as it examined the potential to replace actual financial infrastructure.

The companies plan to expand their cooperation by the third quarter of this year into a next-generation overseas remittance infrastructure based on deposit tokens. The structure would tokenize customer deposits for direct transfers between remittance channels, with the entire process of issuance, transmission, payment, and settlement handled on the GIWA Chain. Hana Financial Group intends to pursue designation as an innovative financial service to seek commercialization. If successfully commercialized, it is expected to enable a 24/7 real-time settlement system and build a cost-efficient on-chain financial ecosystem.

Oh Kyung-seok, CEO of Dunamu, described the project as “a first step in demonstrating that blockchain can become a new standard for global financial infrastructure,” while Lee Eun-hyung, Vice Chairman of Hana Financial Group, said, “We will innovate traditional finance by integrating digital assets and blockchain technology.” Dunamu previously launched the GIWA Chain testnet in September last year, aiming to expand both the domestic blockchain ecosystem and the global Web3 market.

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