In a groundbreaking move, the prominent ethereum Layer-2 solution Lisk has joined forces with an Indonesian government-run startup initiative to launch a pioneering web3 program named ‘Ignit3.’ This collaboration, unveiled during Coinfest Asia 2024 in Bali, marks the inception of the first government-backed web3 program in Indonesia. The initiative, as outlined in a press release shared with Cryptonews, aims to cultivate the local web3 startup ecosystem by providing mentorship, resources, and networking opportunities.
Partnering with Gerakan Nasional 1000 Startup Digital, a program supported by the Indonesian government to spur innovation and entrepreneurship in the SEA region, Lisk's initiative is now focused on supporting and scaling web3 projects and entrepreneurs in Indonesia. This collaboration not only empowers developers but also enhances financial inclusion, according to Dominic Schwenter, COO of Lisk. Additionally, it paves the way for building a robust crypto community in the region.
As Schwenter puts it, “Our new partnership with Gerakan Nasional 1000 Startup Digital and the launch of Ignit3 highlights our commitment to advancing web3 innovation in emerging markets.” This strategic move aligns with Lisk's recent partnership with Backed Finance, which aimed at accelerating the adoption of real-world assets (RWA) in emerging economies, leading to widespread RWA adoption across multiple applications.
Optimistic Indonesia's web3 Ecosystem
The crypto and web3 ecosystem in Indonesia has been experiencing rapid growth, with the government showing positive support for its adoption. For instance, the Commodity Futures Trading Supervisory Agency of Indonesia (Bappebti) is gearing up to transfer the supervision of crypto assets to the Financial Services Authority (OJK) starting in January 2025.
On the web3 front, the Indonesian government has displayed keen interest in exploring blockchain applications, recognizing their potential across various sectors. In the financial services domain, the Financial Services Authority (OJK) has set up a regulatory sandbox to foster innovation in web3. According to the Indonesia crypto and web3 Report 2023, 97 companies had registered for the sandbox as of November 2023.
