Jio Platforms Ltd. Collaborates With Polygon Labs; Aims To Bring Web3 Capabilities To Jio Users

Jio Platforms Ltd. (JPL) a multinational technology company and a subsidiary of Reliance Industries Limited, has entered a strategic partnership with Polygon Labs, the developer arm of Polygon Protocols for its Web3 and blockchain debut in India. 

Jio partners with Polygon Labs

The partnership would aim to add Web3 capabilities to some of the existing applications and services owned and operated by JPL by leveraging Polygon’s cutting edge blockchain solutions to create innovative Web3 services for Jio’s existing 450+ million customers.

From the last eight years, Reliance Jio has expanded from offering its telecom services to many others. This included online and offline shopping stores, video conferencing, media streaming platforms, a web browser, security services and cloud gaming service.

Looking ahead, 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.

The plans ahead

Some years back, Mukesh Ambani, RIL Chairman and Managing Director had hinted about 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.  Some media reports mentioned that BlackRock and JFS were planning a wealth management venture. They had also suggested to have signed deal with  the National Stock Exchange of India in April 2024.

"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,” said Kiran Thomas, CEO, JPL

Polygon's co-founder Sandeep Nailwal expressed enthusiasm about the partnership, stating, "This is a significant step forward for web3 adoption in India. We look forward to working with   Jio as they introduce Web3 to their millions of customers."