ETH L2 Lisk Partners to Bring Indonesian Government-Supported Web3 Program

Prominent Ethereum Layer-2 solution Lisk, has partnered with an Indonesian government-run startup initiative to launch a Web3 program dubbed ‘Ignit3.’

Unveiled during the Coinfest Asia 2024 in Bali on Thursday, Ignit3 would become the first government-backed Web3 program in Indonesia. Per a press release shared to Cryptonews, the initiative would nurture local Web3 startup ecosystem by offering mentorship, resources and networking opportunities.

Lisk would partner with Gerakan Nasional 1000 Startup Digital, an Indonesian government-supported program that aims to fuel innovation and entrepreneurship in the SEA region. The Startup Digital has now turned its focus to support and scale Web3 projects and entrepreneurs in Indonesia.

Lisk’s collaboration would not only empower developers, but also enhance financial inclusion, said Dominic Schwenter, COO of Lisk. Further, it would also help build a robust crypto community in the region, he added.

“Our new partnership with Gerakan Nasional 1000 Startup Digital and the launch of Ignit3 highlights our commitment to advancing Web3 innovation in emerging markets.”

Lisk, recently partnered with Backed Finance, to accelerate real-world assets (RWA) adoption in emerging economies. The collaboration pushed RWA adoption across multiple applications.

Optimistic Indonesia’s Web3 Ecosystem

Crypto and Web3 ecosystem in Indonesia are not only growing rapidly in the recent past, but the government also shows positive support towards its adoption.

For instance, the Commodity Futures Trading Supervisory Agency of Indonesia (Bappebti) said is preparing 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 expressed interest in exploring blockchain applications, recognizing its potential across various sectors.

Within the financial services sector, the Financial Services Authority (OJK) has established a regulatory sandbox to promote innovation in Web3. According to the Indonesia Crypto and Web3 Report 2023, 97 companies have registered for the sandbox as of November 2023.