Mukesh Ambani's Jio Platforms makes entry into cryptocurrency with JioCoin
What's the story
Reliance Industries's tech arm, Jio Platforms, has launched a reward token called JioCoin. The digital token went live on the Polygon blockchain network, but the company didn't make any official announcement about it. The move marks a major shift in India's corporate landscape as this is the first time an Indian corporate giant has entered the realm of cryptocurrency.
Discovery
Integration into JioSphere
The integration of JioCoin into JioSphere, Reliance Industries's proprietary web browser, was first spotted by users on social media platform X. The development comes just days after Reliance joined hands with cryptocurrency and blockchain platform Polygon Labs. The partnership seeks to bolster its services with blockchain and Web3 capabilities on its network.
Token utility
JioCoin's role in digital services
JioCoin is touted as a utility token, one that will power Jio's digital services like payments, e-commerce, and data storage. It is viewed as an important 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.
Market access
JioCoin's availability and criticism
According to a blog post by CoinDCX, those interested in investing can purchase JioCoin on their crypto exchange. This makes it available for both Indian as well as global investors. However, the launch of JioCoin has also come under criticism. Crypto analyst and author Sunil Aggarwal raised concerns over the token's transparency and legitimacy, questioning whether JioCoin has a block explorer or verified smart contracts on the Polygon network.