India’s telecom giant Reliance Industries (RELIANCE.NS) has announced a strategic partnership with blockchain company Polygon Labs to integrate advanced Web3 capabilities into Jio Platforms’ existing applications and services. This collaboration aims to enhance the user experience for Reliance Jio's massive customer base of 450 million people, bringing blockchain-powered solutions to a wider audience.
“We're excited to have Reliance leverage Polygon's robust infrastructure to enable its users to seamlessly interact with Web3 technology,” said Aishwary Gupta, Global Head of Payments at Polygon Labs, in an interview with TechCircle. “They can now build applications powered by Polygon as the backend, bringing blockchain-powered solutions closer to millions.”
Specific Web3 products in the pipeline as part of this partnership are confidential, but Gupta highlighted the broader potential of blockchain technology in India beyond traditional applications like cryptocurrency and trading of virtual digital assets (VDAs).
“India has a massive opportunity in blockchain. It can be used in a lot of ways, from payments to supply chain to gaming. We're working on multiple use cases, and I can't disclose the specific products we're working on with Jio,” he said.
“However, I can share that blockchain and AI can converge to create agentic frameworks, foster communities, and address key areas like payments. India's financial infrastructure needs to evolve to fully accommodate the Web3 ecosystem.”
Other potential applications could include building NFT-based marketplaces for vouchers, enabling users to buy, sell, or trade these assets securely. Polygon Labs has previously collaborated with brands like Flipkart to launch similar offerings.
“We've executed Web3 projects with over 60 brands. Interestingly, end users often remain unaware they are interacting with Polygon's technology, as it operates seamlessly in the backend,” said Gupta.
Founded in 2017 as Matic Network, the company rebranded to Polygon in 2021, marking a significant evolution in its journey. The company raised approximately Rs 3,735 crore through a private sale of its native MATIC token during a funding round in 2022, as per its official blog.
Web3 represents the next phase of the internet, enabling blockchain-based innovations such as cryptocurrencies, NFTs, and decentralized finance. Its decentralized nature grants users greater control over their digital interactions and assets, paving the way for transformative possibilities in various sectors.
