Reliance Forays Into Crypto With ‘JioCoin’

SUMMARY

JioCoin is a blockchain-based reward token built atop Ethereum Layer 2 and is currently listed on crypto platform Polygon Labs

Both Android and iOS users have begun noticing the addition of JioCoins on the JioSphere browser

Users can earn JioCoins for free by surfing the internet on the JioSphere web browser

Reliance Industries Limited’s (RIL’s) digital arm Jio Platforms has rolled out a reward-based crypto token ‘JioCoin’ for JioSphere web browser users.

This marks the company’s foray into the cryptocurrency market.

JioCoin is a blockchain-based reward token built atop Ethereum Layer 2 and is currently listed on crypto platform Polygon Labs.

“Excited to share that our first integration with Jio Platforms Limited (JPL) is now live on JioSphere – Safe, Fast and Powerful Web Browser,” said Polygon Labs global payments head Aishwary Gupta in a LinkedIn post.

While Reliance is yet to make an official announcement, both Android and iOS users have begun noticing the addition of JioCoins on the JioSphere browser. These Web3 coins will be available to desktop users soon.

The browser “now features native wallet integration powered by Polygon Labs PoS, where JioCoins will reside,” said Gupta.

Users can earn JioCoins for free by surfing the internet on the JioSphere web browser. These Web3 coins will be deposited into their Polygon Labs wallet. The company is likely to dole out JioCoins to the users of JioCinema and MyJio in the coming days, according to reports.

Polygon Labs in an official statement last week announced a strategic partnership with Jio Platforms (JPL) for the latter’s Web3 and blockchain debut in India.

“The partnership would aim to add Web3 capabilities to some of the existing applications and services owned and operated by JPL by leveraging Polygon’s cutting edge blockchain solutions to create innovative Web3 services for Jio’s existing 450+ million customers,” the company said in the statement.

“Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users,” said Kiran Thomas, CEO at Jio Platforms.

This development comes at a time when Jio Platforms has scaled up its digital play in the past year by launching a clutch of new offerings, including AI cloud services, 4G feature phones and Bluetooth tracker JioTag Go.

To note, earlier this week, telecom giant Reliance Jio