Indian Web3 players including CoinDCX form Bharat Web3 Association

Indian leaders across Web3 verticals on Thursday unveiled Bharat Web3 Association (BWA) to enable and support the growth of the country’s Web3 ecosystem.

Members of the BWA span multiple verticals including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects.

Web3 works on the core principle of blockchain technology. BWA believes that India has the potential to lead the world over the next decade by building a strong Web3 ecosystem in the country, in line with the government's ‘Make-In-India’ initiative, the association said in a statement.

Speaking on the development, Kavin Bharti Mittal, Founder and CEO of Hike, stressed upon the role of Web3 in revolutionising the Indian economy. He said that Indian consumers spend an average of 7 plus hours per day on their smartphones, almost half of their waking lives. "The blockchain finally enables consumers to own the value associated with their time spent digitally thus potentially unlocking brand new economic opportunities for themselves. It’s becoming increasingly clear that the next wave of wealth and value creation will come from a financial world that is programmable end to end. India could be at the centre of this next wave and boost its economy to strengthen its position on the world stage," he said.

Sumit Gupta, CEO & Co-Founder, CoinDCX said, “The Hon'ble Prime Minister of India has always emphasised technology as one of the core pillars for making India Aatmnirbhar. Web3 revolution is set to bolster India's position on the Global map. The Bharat Web3 Association will be a vital building block to nurture innovations and build a strong ecosystem enabling the Blockchain/ Web3 industry to contribute to the Indian economy.”

Sandeep Nailwal, Co-Founder, Polygon Technology said: “With the advent of Web3, we are at the cusp of a technological revolution, which has immense potential to stimulate economic growth, create jobs, boost financial inclusion, and enhance privacy and security. Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space."

He further said that Indian entrepreneurs have already made a mark in the ecosystem and are innovating for the world, developing valuable public use cases. BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader, he added.

WazirX CEO Nischal Shetty said that the aim of Bharat Web3 Association is to create and sustain an environment conducive to the development of India, partnering with industry, government, and regulatory authorities, through advisory and consultative processes. He stated that the organisation aims to work with the government to create a stable environment for the crypto ecosystem in India and a rules-based order that the Industry will follow. "The Web3 Industry can actively contribute to making an Atmanirbhar Bharat in Fintech and achieve PM Narendra Modi’s dream of making India a 5 trillion-dollar economy," he added.

Ashish Singhal, CEO & Co-Founder, CoinSwitch said that they are looking at a once-in-a-generation opportunity with Web3. "Given the right policy framework and support from the Government, we can capitalize on these advantages to build a Web3 ecosystem that is at par with any developed nation in the world. To that end, BWA will strive to ensure that the future of the Internet is Made in India, with the necessary regulatory guardrails in place," he added.

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