Reliance Jio launches JioCoin on Polygon, rewarding users via JioSphere browser for engaging with its ecosystem.

This comes in the background of the RBI expressing concerns over any privately held 'virtual coins' and cryptocurrency continuing to remain a subject of debate among India’s policymakers. Globally, though,

Reliance Industries’ (RIL) digital arm Jio Platforms, which operates the country’s largest telecom operator Reliance Jio, has partnered with blockchain company Polygon Labs to offer Web3 capabilities to its existing applications and services.

Jio has partnered with with Polygon Labs, the development team behind Polygon Protocols, to launch its Web3 and blockchain services in India, the company said on Thursday. This collaboration will leverage Polygon's advanced blockchain technology to add innovative Web3 capabilities to some of Jio Platform's existing applications and services.

Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, launched its reward-based token, JioCoin, on the Polygon network. On Jan. 16, users on X noticed JioCoin integrated into Jio’s proprietary JioSphere browser.

JioCoin, backed by Mukesh Ambani's Reliance Industries and Polygon Labs, is generating buzz as a potential game-changer in India’s digital economy. Positioned as a utility token, it could power services like JioMart,

Jio Platforms Ltd (JPL) a technology company and a subsidiary of Reliance Industries Limited, has entered a strategic partnership with Polygon Labs, the developer arm of Polygon Protocols for its Web3 and blockchain debut in India.