Jio Platforms Partners with Polygon Labs to Integrate Web3 into Existing  Services

Jio Platforms Ltd. (JPL) has announced a collaboration with Polygon Labs as part of its expansion into Web3 technology. The telecom subsidiary of Reliance, Jio, aims to incorporate Web3-powered features into its existing services, which cater to over 450 million users. This move is intended to enhance the digital experience by leveraging the latest advancements in blockchain technology.

Over the past eight years, Reliance Jio has diversified beyond telecom, offering services such as online and offline shopping, media streaming, video conferencing, a web browser, cloud gaming, and security solutions.

While Jio and Polygon have yet to disclose which services will be the first to integrate blockchain capabilities, this initiative is expected to be one of the most significant efforts to bring Web3 technology into mainstream digital platforms in India.

Aishwary Gupta, Global Head of Payments and Fintech at Polygon, highlighted the importance of this collaboration. “This is one of our biggest partnerships in India, aimed at enabling Web3 elements in Jio’s existing product ecosystem. We are currently working on integrating several products, and this marks a crucial step toward making India Web3-enabled,” Gupta stated.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, first hinted at Jio’s blockchain integration strategy during the company’s 46th annual general meeting in August 2023. At the time, it was revealed that Jio Financial Services (JFS) would serve as the brand’s entry point into Web3. Although further details about JFS’ Web3 initiatives have not been disclosed, media reports previously suggested that JFS and BlackRock were exploring a wealth management venture, filing with the National Stock Exchange of India in April 2024.

Reliance has been actively experimenting with Web3 solutions while steering clear of volatile crypto assets. In 2023, Reliance General Insurance began accepting the eRupee CBDC for premium payments, while Reliance Retail enabled eRupee CBDC transactions at its Mumbai stores.

Commenting on the partnership, JPL CEO Kiran Thomas stated, “Joining forces with Polygon Labs is a major step in Jio’s pursuit of digital excellence. We are eager to explore the limitless possibilities of Web3 and deliver exceptional digital experiences to our users.”