Reliance Industries joins the crypto bandwagon with `JioCoin’

Reliance Jio, the technology arm of Muksh Ambani-led Reliance Industries Ltd (RIL), on Tuesday launched a token digital currency, JioCoin, marking RIL’s entry in the digital currency space.

RIL did not officially declare the launch of the JioCoin, but the token was visible to users of the JioSphere web browser on both Android and iOS devices.

JioSphere app’s FAQ section also mentions JioCoins as blockchain-based reward tokens. Customers in India can earn these reward tokens by engaging with various Jio apps, such as MyJio and JioCinema, using their mobile numbers.

The tokens are deposited in a Polygon Lab wallet, allowing users to accumulate the cryptocurrency.

Polygon Labs is a blockchain platform that focuses on efficiency and scalability. JioCoin is reportedly built on Ethereum Layer 2 and is listed on Polygon Labs.

JioSphere has added a native wallet that is powered by Polygon Labs PoS, to park JioCoins, according to a LinkedIn post by Aishwarya Gupta, global payments head of Polygon Labs.

Details of the valuation or transferability of JioCoin are yet to be made available. The FAQ only says that JioCoins can be earned by surfing the internet on the JioSphere web browser.

Perhaps, JioCoins may find use in payments for Jio-based services, including mobile recharges. It may also be used to incentivise the use of Jio’s digital services.

Jio Platforms and Polygon Labs are actively engaging in rolling out blockchain and Web3 based applications in Reliance’s digital offerings.