Reliance Jio Testing 'JioCoin' on Polygon: What We Know So Far

Source: CoinEdition Original Title: Reliance Jio Testing ‘JioCoin’ on Polygon: What We Know So Far Original Link: https://coinedition.com/reliance-jio-testing-jiocoin-on-polygon-what-we-know-so-far/

Overview

Polygon Labs executive Aishwary Gupta has confirmed that Reliance Jio is actively testing “JioCoin,” a blockchain-based reward token integrated into India’s largest digital ecosystem.

Unlike speculative cryptocurrencies, JioCoin is designed as a utility token for the 450 million Jio user base, rewarding engagement across apps like JioCinema and MyJio.

Traders are cautioned that while unaffiliated “JIO” tokens are trading on decentralized exchanges (around $0.18), the official asset is currently a closed-loop loyalty instrument.

The Development

According to the Polygon Labs ecosystem BD Head for India, Aishwary Gupta, the Jio team is testing a new cryptocurrency called JioCoin on the Polygon blockchain. Gupta shared the update in a recent post on social media while responding to community questions about ongoing Polygon ecosystem developments.

A Blockchain-Based Reward Token

For proper context, Jio Platforms, the digital and telecom subsidiary of India’s Reliance Industries, partnered with Polygon Labs early this year to launch JioCoin. At launch, the digital entities noted that JioCoin would bring Web3 capabilities and blockchain solutions to Jio’s customers.

When introducing JioCoin to the public, the team described it as a blockchain-based reward token that users can earn by engaging with mobile or internet-based apps across the Indian digital space. JioCoin creators targeted leveraging Jio’s user base, which comprises over 450 million customers in India.

Apps where the team aimed to implement JioCoin include MyJio and JioCinema, among others. The Jio Platforms CEO, Kiran Thomas, described the development as a significant step forward for Web3 adoption in India.

A New Opportunity for Indian Crypto Users

The latest move, where Reliance Jio has begun testing the JioCoin cryptocurrency, opens a new window of opportunity for Indian crypto users aiming to earn rewards in cryptocurrency. According to the original description, Jio users do not need to perform extra tasks to earn JioCoin. It comes as an additional reward for using existing apps within the tech solution’s ecosystem.

Data reveals that JIO recently traded around $0.1823, reflecting active trading volume and sharp price swings. Despite crashing after an initial rally at the beginning of the year, the cryptocurrency rebounded, showing renewed demand from traders.

Recent price movement saw the crypto coin gain approximately 92% and surge to $0.2058 before retracing to trade at the current price.