Web3 Foundation becomes associate partner at the World Economic Forum

abdelaziz Fathi

The Web3 Foundation, which collaborates with over 100 blockchain development specialists to advance the Polkadot platform, has been invited to become an associate partner at the World Economic Forum.

Like their fellow members, the independent organization will attend the annual meeting in Davos, which takes place in Davos-Klosters, Switzerland from 22-26 May 2022, and many other regional gatherings. The major event will be the first global in-person leadership event since the outbreak of the COVID-19 pandemic.

Under the theme, Working Together, Restoring Trust, the Web3 Foundation plans to tap its participation to promote its collaborative projects within the world’s biggest congregation of decision-makers.

As an associate partner, the level of its partnership allows the foundation to engage in a corresponding number of platforms featuring start-ups and industry leaders. The WEF’s partnerships are broken into different categories that match the entity’s sphere of influence and goals, giving them a chance to engage in industry-specific platforms that allow them to tailor their specific actions.

Through this partnership, the Web3 Foundation wants to help global leaders and their organisations understand the potential benefits of decentralization, and its underlying blockchain technology, for the world.

Established in Zug, Switzerland by Ethereum co-founder Gavin Wood, Web3 Foundation funds research and development teams building the technology stack of the decentralized web. Polkadot, one of the blockchain startups working to make blockchain technology more practical and accessible, is the Foundation’s flagship project.

Polkadot market capitalization is currently around $16.1 billion, according to CoinMarketCap, putting its DOT token at the 13th place in the cryptocurrency rankings.

Web3 Foundation’s ultimate mission is to nurture applications for decentralized web software to deliver Web 3.0, a decentralized internet where users control their own data and identity.

“After all the virtual meetings taking place in the last two years, leaders from politics, business and civil society have to convene finally in person again. We need to establish the atmosphere of trust that is truly needed to accelerate collaborative action and to address the multiple challenges we face,” said Klaus Schwab, founder and chairman of World Economic Forum.

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