India is going to be a clear global hub for Web3: Sumit Gupta at Namaste Web3

Gupta put emphasis on the fact that some of the smartest minds that are working on blockchain are working on building Web3 solutions

By Shashank Bhardwaj

Published: Mar 14, 2023 07:30:59 PM IST

Updated: Mar 15, 2023 04:24:12 PM IST

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Sumit Gupta, Founder & CEO, CoinDCX

CoinDCX and Forbes India’s Delhi edition of their educational and awareness campaign, Namaste Web3, was held on March 11, 2023. The event was themed, "Is Web3 India's next big thing for a $5 trillion economy?" and brought together over 250+ participants, including policymakers, industry experts, Web3 entrepreneurs, Web3 professionals, and Web2 professionals.

The discussion focused on India's potential to become a significant player in the Web3 market, given its young population and government programs such as Digital India, Make in India, Startup India, and Atmanirbhar Bharat, which are geared towards enhancing the country's technological capabilities.

In the opening address, Sumit Gupta, Founder & CEO, CoinDCX, put emphasis on how India is poised to be the global hub for Web3. He mentioned that the vibe at the Namaste Web3 event is very energetic.

Talking about the importance of Web3 and blockchain in a citizen centric ecosystem, Gupta said, "Fundamentally, the blockchain can solve a lot of challenges - whether it is how to build robust financial systems or how to build governance which is more citizen centric, gives more control over our data, privacy etc. Essentially, you own your data and identity. This is what Web3 is all about. It's a new technology stack that's building a new internet."

According to Gupta, a clear indication of India’s lead in Web3 is obvious from the fact that India has so many Web3 unicorns. 11% of the global Web3 workforce is in India with a growth rate of over 100% every year. “As someone who’s been a part of this space for the last 6-7 years I believe that the decisions that we take now are going to decide the next decade. In the next decade India is going to be a clear global hub for Web3,” said Gupta.

He also put emphasis on the fact that some of the smartest minds that are working on blockchain are working on building Web3 solutions. “I've seen people fresh out of college building in the Web3 space - that shows you how much potential India has to build in Web3,” he said.

Gupta mentioned that he believes crypto to be a key component of Web3 as it enables citizen centric governance. According to him, “The Internet solved the problem of transfer of information at a fast rate. Crypto solves the problem of transferring economic value over the internet.”

You can watch his entire address here.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash