Bharat Web3 Association (BWA) created to support the growth of the Web3 ecosystem in India

Founders of Web3 firms including Hike, CoinDCX, CoinSwitch Kuber, Polygon, Coinbase, Zebpay, WazirX, ANQ Finance, Biconomy, Liminal, Tax Nodes on Thursday, came forward to launch Indian web3 advocacy body called Bharat Web3 Association (BWA), to support the growth of India’s Web3 ecosystem.

The members of the association believe India could emerge as a global leader in web3 space which is also in line with the government's 'Make-In-India' initiative.

To achieve this goal, the association will look into facilitating conversations among stakeholders and will set standardised principles in web3 industry. Besides this it will look at creating awareness about about the web3 sector, promote innovation in the sector and nurture the Indian talent pool.

"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," says Sandeep Nailwal, Co-Founder of Ethereum scaling solution, Polygon.

Kavin Bharti Mittal, Founder and CEO of Hike, stressed upon the role of Web3 in revolutionising the Indian economy. “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 added.

In addition, the association will look to collaborate with the government in the upcoming G20 discussions to develop a collaborative regulatory framework for digital assets.