Mukesh Ambani-led Reliance Jio has made a surprise entry into the world of Web3 and blockchain by officially launching JioCoin, a digital token issued on the Polygon Labs network. The Bangalore-based blockchain infrastructure company will create innovative Web3 services for Reliance Jio’s existing 450+ million customers.
The development follows a strategic partnership between Jio Platforms (JPL), a subsidiary of Reliance Industries, and Polygon Labs, the homegrown development arm of Polygon Protocols, with its Web3 and blockchain debut. The two companies have been working closely together for over a year to bring Web3 and blockchain solutions to Jio users.
The partnership leverages Polygon’s blockchain solution to add Web3 capabilities to some of JPL’s existing applications and services owned and operated, innovating for Jio’s existing 450+ million customers. The purpose is to create standard Web3 services.
Kiran Thomas, CEO of JPL, said, “Partnering with Polygon Labs is a significant milestone in Jio’s journey towards digital excellence. We look forward to exploring the endless possibilities of Web3 and delivering unparalleled digital experiences to our users. We are excited to be able to offer this to our customers.”
Commenting on the partnership, Polygon founder Sandeep Nailwal said, “This is a significant step forward for Web3 adoption in India. We look forward to working with Jio as they deploy Web3 to their millions of customers.” Expressing enthusiasm.
Let us understand what exactly is JioCoin.
What is Geocoin?
JioCoins are digital coins issued by the Polygon blockchain for internet browsing through Jiosphere, a web browser owned by Jio Platforms. Users can earn JioCoins by using various mobile or internet-based apps on the Jio Platforms web browser using their Indian mobile number.
This means Reliance Jio users can earn Web3 tokens or JioCoins using the JioSphere browser. Once you start using JioSphere, you will start seeing Jiocoins in your Polygon wallet based on your web activity. The company is yet to officially announce how users can redeem and use these JioCoins. However, they expect Reliance Jio to leverage JioCoins in various use cases.
While some expect Jio to use JioCoin as an internal currency within its corporate ecosystem, others say the company may launch a “redemption” or “rewards” program. As the user base grows, the Jiosphere web browser could emerge as a competitor to the likes of Google Chrome and Mozilla Firefox.
What are the advantages of JioCoin?
Experts say this partnership will significantly boost Polygon’s credibility as a blockchain network in India and potentially bring in a huge number of Jio users to join Polygon’s network. This could encourage more companies with huge user bases, such as Airtel and Vodafone Idea, to join Polygon and similar blockchain networks in India. This partnership is a big deal for Polygon, which will leverage Jio’s usage base to create value through the platform.
Are there any regulatory implications?
The launch of Reliance Jio’s JioCoin is likely to be watched closely by two of the top regulators, RBI and SEBI, which will also decide how JioCoin will be taxed. It will also be interesting to see how income tax authorities treat JioCoin. “Reliance Jio’s involvement could be a game-changer for India’s regulatory landscape, as the government develops clear and favorable crypto regulations, similar to what has been seen in other countries like El Salvador. Jio could lead a movement towards mainstreaming “cryptocurrency into India,” SEBI-registered research analyst Rohit Singh wrote on X.
What impact will it have on the world of cryptocurrencies?
Jio Platform’s launch of JioCoin on Polygon is being touted as a significant development in the world of cryptocurrencies. “There are 500 million users in the crypto world and Jio has 470 million users. Jio can bring 400 million people on-chain in the coming months. 500 million users. It takes 15 years to get people, but Jio alone can achieve this in the coming months. “This is a big moment for all of us in the Web3 space,” said Bitcoin Education Platform. Bitinning Kashif Raza, founder of , writes about X.
