Bharat Web3 Association (BWA) unveiled by industry leaders to help unlock India’s Web3 potential

Bharat-Web3-Association-(BWA)-unveiled-by-industry-leaders

Bharat-Web3-Association-(BWA)-unveiled-by-industry-leaders

  • The association will enable and support the orderly growth of the Web3 ecosystem in India.
  • BWA will strive to promote consumer interests through collaboration with all key stakeholders

New Delhi, November 03, 2022: Industry leaders across Web3 verticals unveil Bharat Web3 Association (BWA), to enable and support the growth of India’s Web3 ecosystem. Members of the BWA span multiple verticals including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects.

The BWA will focus on — 1) driving awareness through research to help keep pace with this evolving technology; 2) promoting dialogue between key stakeholders; 3) setting standardised principles in the Web3 industry; 4) encouraging and promoting Web3 and blockchain innovation; and (5) nurturing India’s talent pool.

Web3 works on the core principle of blockchain technology. It is the future of the internet and can empower users by returning control into the hands of consumers and communities. The 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.

Speaking on the occasion, Kavin Bharti Mittal, Founder & CEO, Hike, stressed upon the role of Web3 in revolutionising the Indian economy. “Indian consumers spend an average of 7+ hours per day on their smartphones, almost half 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. With the BWA we aim to support the government to develop a strong Web3 ecosystem in India”, he explained.

Emphasising on the Web3 potential and the key role that the association will play, 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. 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”.

The forthcoming G20 discussions will provide an excellent opportunity for India in leading a collaborative regulatory framework for digital assets, and the BWA is committed to working with the Government of India towards this objective.

 

Additional Information

 

Members of the BWA

 

Hike CoinDCX CoinSwitch Kuber Polygon
Coinbase ZebPay WazirX ANQ Finance
Biconomy Liminal Tax Nodes  

 

 

Quotes from the Membership:

 “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.”- Sumit Gupta, CEO & Co-Founder, CoinDCX

 “We are looking at a once-in-a-generation opportunity with Web3. India already has what it takes to be a Web3 leader: talent, a vibrant start-up ecosystem, and digital-savvy users. 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.” Ashish Singhal, CEO & Co-Founder , CoinSwitch

 India’s Web 3.0 potential – in terms of talent, investment, and innovation – is revolutionary, and will surely place the nation as a global leader in this fast-emerging field. We support the BWA’s mission of boosting the Web 3.0 ecosystem through stakeholder collaboration, thought leadership, and education. Building robust infrastructure and designing the favourable environment can allow players like Coinbase to build a more free, open and safer Internet.” – Nana Murugesan, Vice President of International and Business Development, Coinbase

Web3 can democratize access to information and enable people from all walks of society to partake in the decentralized internet of the future and create next generation missions.” – Rahul Pagidipati, CEO, ZebPay

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. This 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.”- Nischal Shetty, CEO, WazirX

 “We are extremely elated to be a part of the Bharat Web3 Council. At Liminal we always believe in working closely with the regulators and other stakeholders to ensure a secure and sustainable development of the Web3 ecosystem. The vision and charter of Bharat Web3 Council aligns closely with Liminal’s philosophy and core values. We are very confident that together with other industry players, we will be able to make significant contributions to the development of the digital asset ecosystem in India. India has always been one of the most high priority markets for Liminal and with this membership, we reinforce our commitment towards developing the Indian market.”Mahin Gupta, Founder, Liminal

 “If you look around the web3 ecosystem, there is so much Indian talent and so many Indian startups coming up. This is a golden opportunity for India to lead the world in the web3 revolution.” – Aniket Jindal, Co-Founder, Biconomy

Web3 is an inflection point in the history of the internet. It stands to create new jobs, business opportunities and economic value for India. Therefore, synergies are required between all stakeholders of the industry and policy makers. To enable the same, industry associations like these play a crucial role in advocating the right message and bridging the gap between the policy makers and the larger industry.” –

 

Ashish Khandelwal, Founder, AnQ Finance

Innovations often precede regulations. This is certainly true for Web3 space which is democratizing human interaction and cooperation. Bharat Web3 Association will work with various stakeholders to speed up the path to regulations, compliance, customer protection and working towards making India take a leadership position in this space.” – Avinash Shekhar, Founder, TaxNodes

 

For any queries, please reach out to:

Jophy Joseph – jophy.joseph@veritasreputation.com

 

 

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