Reliance Jio Reportedly Launches JioCoin Cryptocurrency Token Targeting 450 Million Customers

Reliance Jio appears to be stepping into the cryptocurrency space with a new token called JioCoin. Users of the JioSphere web browser on both Android and iOS devices have noticed the token within the app

Telecom giant Reliance Jio is reportedly venturing into the cryptocurrency domain with a new token called JioCoin. The token has been spotted by users of the JioSphere web browser on both Android and iOS devices, although Reliance Industries is yet to officially announce the launch.

According to early clues in JioSphere, JioCoin is built on Ethereum Layer 2 and is listed on Polygon Labs, a leading blockchain platform known for its efficiency and scalability. Notably, users can find references to JioCoin in the JioSphere app’s FAQ section, where Reliance describes JioCoins as blockchain-based reward tokens.

As per the description, customers can earn these tokens by engaging with various Jio apps, such as MyJio and JioCinema, using their Indian mobile numbers. The tokens are then credited to a Polygon Labs wallet, presenting a seamless way for users to begin their cryptocurrency journey.

Confirming the launch in a LinkedIn post, Polygon Labs Global Payments Head Aishwary Gupta mentioned that JioSphere “now features native wallet integration powered by Polygon Labs PoS, where JioCoins will reside.”

While the FAQ mentions that JioCoins can be earned by surfing the internet on the JioSphere web browser, there is limited information at present regarding their monetary value or how they might be traded.

However, market speculations suggest that the tokens might be used for mobile recharges, utility bill payments, or other Jio-powered services in the near future. Some also speculate that the value of the coin might be linked to user engagement, which could encourage continued use of Jio’s digital services.

This rollout is part of a larger partnership between Jio Platforms and Polygon Labs, which aims to integrate blockchain and Web3 capabilities into Reliance’s digital offerings.

According to Polygon Labs, this collaboration could ultimately reach Reliance's massive user base of 450 million customers, with a focus on developing "cutting-edge Web3 services" through advanced blockchain solutions.