Industry leaders on Thursday from Web3 verticals have come together to form the ‘Bharat Web3 Association (BWA)’, to enable and support the growth of India’s Web3 ecosystem.
The BWA has the participation form members including Hike, Polygon Technology, CoinSwitch Kuber, CoinDCX, Coinbase, WazirX, ZebPay and more. The members of the association span multiple verticals including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects.
BWA’s primary focus is to drive awareness on Web3 through research to help keep pace with this evolving technology and promoting dialogue between key stakeholders.
The association will also work on setting standardised principles in the Web3 industry, encouraging and promoting Web3 and blockchain innovation. Additionally, it will look to nurture India's talent pool.
Web3 works on the core principle of blockchain technology. It is being touted as the future of internet, which can empower users by returning control into the hands of consumers and communities.
In a statement, Sumit Gupta, CEO & Co-Founder, CoinDCX said, “The Hon'ble Prime Minister of India has always emphasised technology as one the core pillars for making India Aatmanirbhar. 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.”
The move from the Web3 community comes even as the crypto industry in the country is being monitored strictly by the Centre.
“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,” said Nischal Shetty, CEO, WazirX.