Industry leaders across Web3 verticals have formed a new industry body called 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. This comes four months after the Blockchain and Crypto Council of India (BACC) was dissolved by its parent entity, the Internet and Mobile Association of India (IAMAI).

Kavin Bharti Mittal, Founder & CEO, Hike said, “Indian consumers spend an average of over seven 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.” 

Web3 ecosystem

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.

The BWA will focus on driving awareness through research to help keep pace with evolving technology, promoting dialogue between key stakeholders, setting standardized principles in the Web3 industry, encouraging and promoting Web3 and blockchain innovation, and nurturing India’s talent pool, it said. 

Hike, CoinDCX, CoinSwitch Kuber, Polygon, Coinbase, Zebpay, WazirX are some of the members of BWA. 

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, said the industry body.