Reliance Jio Partners with Polygon Labs to Launch JioCoin for Web3 Rewards
Reliance Jio has entered the world of cryptocurrency with the launch of JioCoin, a blockchain-based digital token developed in collaboration with Polygon Labs. The token is built on Ethereum’s Layer 2 solution and is accessible via JioSphere, Jio’s web browser.
While Jio has yet to make an official announcement, users have started noticing JioCoin’s integration into the JioSphere browser on Android and iOS devices. The tokens can be earned through engagement with Jio’s apps such as MyJio, JioCinema, and by browsing the internet on JioSphere. These coins are deposited directly into users’ Polygon wallets.
How JioCoin Works
JioCoins are designed as reward tokens for Jio users, offering potential use cases such as mobile recharges, utility bill payments, and other Jio services. However, they are currently not transferable or tradable in any market.
Users can begin earning JioCoins by downloading the JioSphere browser, signing in with their Jio number, and accessing the JioCoin wallet. The value of the token is tied to user engagement, with speculation that its initial price could be around $0.5 (~₹43.30).
Implications of JioCoin
The introduction of JioCoin aligns with Reliance’s broader digital transformation strategy and its ambition to lead India into the Web3 and blockchain era. Mukesh Ambani, Chairman of Reliance Industries, emphasized the importance of this partnership with Polygon Labs, aiming to strengthen the adoption of blockchain technologies in India.
Regulatory Challenges
India’s strict stance on cryptocurrency remains a hurdle. Earnings from cryptocurrency transactions are taxed at 30%, with an additional 1% Tax Deducted at Source (TDS). Despite this, the growing value of blockchain-based currencies globally continues to attract investors.
The launch of JioCoin could pave the way for other corporations to explore corporate-backed tokens, further accelerating Web3 adoption in India.
