Reliance Jio Platforms Makes Entry into Cryptocurrency with JioCoin

Reliance Industries's tech arm, Jio Platforms, has launched a reward token called JioCoin. The digital token went live on the Polygon blockchain network

Mukesh Ambani-led Reliance Industries has quietly introduced a reward token called JioCoin, marking the first entry of an Indian corporate giant into the world of cryptocurrency.

The digital token, which went live on the Polygon blockchain network, was spotted by users on the social media platform X integrating with JioSphere, the proprietary web browser of Reliance Industries.

The development comes just days after Reliance announced a partnership with cryptocurrency and blockchain platform Polygon Labs to enhance its services with blockchain and Web3 capabilities on its network.

JioCoin is touted as a utility token that will power Jio’s digital services like payments, e-commerce, and data storage. It is seen as a significant move to drive financial inclusion and a tech-driven economy in India.

The token serves as a reward mechanism for users surfing the internet through JioSphere but is neither transferable nor redeemable at the moment.

Those interested in investing can purchase JioCoin on the CoinDCX crypto exchange, making it available for both Indian and global investors, according to a blog post by the exchange.

However, the launch of JioCoin has also come under criticism, with crypto analyst and author Sunil Aggarwal raising concerns over the token’s transparency and legitimacy.

In a tweet, Aggarwal questions whether JioCoin has a block explorer or verified smart contracts on the Polygon network, urging people to “beware of scams” and to “always DYOR (do your own research).”