Jio Browser has inculcated its first integration under the Polygon deal. Under the integration, JioCoins will be stored in JioSphere’s native wallet integration, which is now powered by Polygon.
The integration comes after the recent deal between Reliance Jio and Polygon for the launch of the JioCoin, Reliance Jio’s native token.
Jio Launches its New Coin on Polygon Network
JioCoin, the new reward token that Jio Platforms has launched on the Polygon blockchain network, has created waves in the Indian crypto market.
Despite the company’s lack of official information regarding its usefulness, the launch has generated user conversations about its possible uses.
On January 16, users of the social media site X noticed that JioCoin was integrated into JioSphere, Jio’s in-house web browser.
This comes after Jio and Polygon Labs recently partnered to improve Jio’s services by adding Web3 and blockchain capabilities.
JioCoin To Serve as Reward
JioCoin is intended to serve as a reward system for JioSphere internet customers. Even with this feature, JioCoin isn’t redeemable or transferable at the moment.
Its significance may become more apparent as it functions within Jio’s vast ecosystem, which links many different firms, according to observers.
However, with limited information available, people are hypothesizing that JioCoin would someday be utilized for transactions at Reliance petrol stations or for services like mobile recharges.
Jio and Polygon’s Partnership For JioCoin Comes Despite India’s RBI Voicing Concerns Out About Digital Assets
By utilizing Polygon’s blockchain technology, Jio’s partnership would seek to develop unique Web3 services for Jio’s current 450+ million consumers while also adding Web3 capabilities to some of the current products and services owned and maintained by JPL.
However, the launch of the JioCoin comes against the backdrop of the RBI voicing concerns about privately held “virtual coins” and the ongoing discussion of Bitcoin among Indian officials.
However, contrary to the concerns of the regulatory authorities and the government, India has still seen a skyrocketing growth in crypto adoption in the country.
As investors braved the nation’s strict regulations and high trade fees, India led the world in cryptocurrency adoption for the second consecutive year in 2024, according to research released by blockchain analytics firm Chainalysis.
According to the research, which examines adoption in 151 countries across four subcategories, India ranked highly in terms of the use of decentralized finance assets and centralized exchange between June 2023 and July 2024.
The data shows that despite hurdles, the Indian crypto market is likely poised to grow in the future.