Jio Platforms Partners Polygon Labs to Bring Web3 Capabilities to Existing Apps 3emx Services

Both firms have yet to announce when the first Web3 features will debut on Jio's services. 3r2t4x

Written by David Delima | Updated: 16 January 2025 12:47 IST

Jio Platforms Partners Polygon Labs to Bring Web3 Capabilities to Existing Apps, Services

Photo Credit: Reuters 3v6d2p

RIL Chairperson Mukesh Ambani first hinted at a blockchain integration plan for Jio in August 2023

Highlights

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

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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 s. JPL is looking to explore new capabilities offered by Web3 technology and offer an enhanced digital experience to its s, 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.

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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.

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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, 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 s to services around volatile crypto assets, the company has worked with other Web3 technologies. In 2023, Reliance General Insurance 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, "ing 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 s."

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Further reading: Web3

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More