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Reliance Jio appears to be stepping into the cryptocurrency space with a new token called JioCoin. Users of the JioSphere web browser on both Android and iOS devices have noticed the token within the app, though Reliance Industries has not yet issued an official announcement.
Early clues in JioSphere
JioCoin is reportedly built on Ethereum Layer 2 and is listed on Polygon Labs, a well-known blockchain platform that focuses on efficiency and scalability. Users have discovered references to JioCoin in the JioSphere app’s FAQ section, where Reliance mentions that JioCoins are blockchain-based reward tokens.
According to the description, customers can earn these tokens by engaging with various Jio apps, such as MyJio and JioCinema, using their Indian mobile numbers. The tokens are then deposited into a Polygon Labs wallet, suggesting a straightforward way for users to accumulate cryptocurrency.
Polygon Labs Global Payments Head Aishwary Gupta confirmed the launch in a LinkedIn post, noting that JioSphere “now features native wallet integration powered by Polygon Labs PoS, where JioCoins will reside.”
Reward tokens and potential uses
For now, there is limited information on the monetary value of JioCoin or how it might be traded. The FAQ says that JioCoins can be earned by surfing the internet on the JioSphere web browser.
Speculation in the market suggests the tokens might be used for mobile recharges, utility bill payments, or other Jio-powered services in the near future. Observers also believe the value of the coin could be tied to user engagement, potentially incentivizing consistent use of Jio’s digital services.
Partnership with Polygon Labs
The rollout comes on the heels of a broader partnership between Jio Platforms and Polygon Labs, aimed at bringing blockchain and Web3 capabilities to Reliance’s digital offerings.
Polygon Labs said that the collaboration could eventually reach Reliance’s massive user base of 450 million customers, with an emphasis on creating “innovative Web3 services” through cutting-edge blockchain solutions.