Jio's existing services will get Web3-enabled upgrades
RIL has previously explored some Web3 technologies like eRupee CBDC
Polygon's blockchain technology will power these features
RIL Chairperson Mukesh Ambani first hinted at a blockchain integration plan for Jio in August 2023
Photo Credit: Reuters
Jio Platforms Ltd. (JPL) has announced a partnership with the Polygon blockchain as it plans its venture into Web3 technology. Reliance's telecom subsidiary, Jio is looking to introduce features that rely on Web3 technology, on its existing features that are available to over 450 million users. JPL is looking to explore new capabilities offered by Web3 technology and offer an enhanced digital experience to its users, according to the company.
Over the last eight years, Reliance Jio has expanded from offering telecom services to like online and offline shopping stores, media streaming platforms, video conferencing, a web browser, cloud gaming service, and security services.
Jio and Polygon have yet to reveal which of the operator's applications and services will be the first to be upgraded with blockchain capabilities. It is expected to be one of the biggest efforts to integrate Web3 technology with existing services in the country.
Speaking to Gadgets 360, Aishwary Gupta from Polygon said this development marks a big move for Web3 in India. Gupta is the global head of payments and fintech at Polygon.
“This is one of the biggest partnerships we have in India and the idea for us is to help Jio to enable Web3 components in its existing product suite,” Gupta said. “There are a couple of products we are working to integrate on as we speak. From an Indian perspective it's a big move where we want to get India web3 enabled and this helps us in that direction,” he added.
RIL Chairman and Managing Director Mukesh Ambani first hinted at a blockchain integration plan for Jio in August 2023. During the 46th annual general meeting of Reliance Industries, Ambani had said that the Jio Financial Services (JFS) will be the brand's point of entry into the Web3 sector.
At the time it was disclosed that through JFS, Reliance will offer management services for digital assets. Details about JFS' foray into Web3 have not been out since. Last year, media reports suggested that JFS and BlackRock were planning a wealth management venture and had filed with the National Stock Exchange of India in April 2024.
While Reliance has chosen not to expose its users to services around volatile crypto assets, the company has worked with other Web3 technologies. In 2023, Reliance General Insurance said it had begun accepting the eRupee CBDC for premium payments. The same year, Reliance Retail had also announced that it would let shoppers pay via the eRupee CBDC across its stores in Mumbai.
Commenting on the partnership with Polygon, JPL CEO Kiran Thomas said in a prepared statement that, "Joining forces with Polygon Labs marks a significant milestone in Jio's journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users."
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