Mukesh Ambani led Jio Platforms has partnered with internet technology company Polygon Labs. Social media users are excitingly talking about its new venture, Reliance Jio Coin, and sharing screenshots online. Moreover, Reliance’s tech subsidiary, Jio Platforms, has partnered with Polygon Labs to bring Web3 and blockchain technology to India.
Reliance’s FAQ section says, “JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers.”
Reliance Jio Coin: Why Is This So Special For India?
Jio Coin is the newest project of Reliance Industries. The company is bringing blockchain technology to India, said a report of “CoinDCX”. The launch of JioCoin could lead to more people in India using cryptocurrencies, said the report.
Notably, the official value of this JioCoin has not been revealed as of now, but several media reports say that it could be valued around Rs 43 ($0.50) per token. Meanwhile, the market valuation of this digital token is not known, as of now.
Reliance Jio’s JioCoin is essentially a digital loyalty rewards program, rather than a typical cryptocurrency. Seamlessly integrated with Jio’s services, it incentivizes users for participating in the ecosystem, leveraging the Polygon blockchain technology.
JioCoin is reportedly designed to help Jio’s digital services, such as payments, online shopping, and data storage. As India adopts blockchain technology, this Coin may increase financial access and promote a technology-driven economy, said the report by “CoinDCX”.
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