Jio Coin: Reliance introduced their cryptocurrency; is Mukesh Ambani well-versed in all huge aspects of it in 2024?

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Jio Coin: Talks regarding Jio Coin began when Mukesh Ambani’s Jio Platforms announced a cooperation with Polygon Labs.

Reliance Industries’ (RIL) digital division, Jio Platforms, has teamed up with blockchain startup Polygon Labs to add web functionality to its current apps and services. Through the agreement, Jio’s more than 450 million subscribers will be able to take advantage of Polygon’s blockchain solutions.

Jio Coins: The significance of the collaboration with Polygon:

“This partnership enables Reliance to leverage Polygon’s infrastructure, allowing their users to use Web3 technology,” stated Aishwarya, Global Head of Payments, Polygon Labs. The goal of this collaboration is to create applications that utilize Polygon’s backend so that users can benefit from emerging technology.

Jio Coin: Reliance introduced their cryptocurrency; is Mukesh Ambani well-versed in all aspects of it?
Jio Coin: Reliance introduced their cryptocurrency; is Mukesh Ambani well-versed in all aspects of it?

Future of Blockchain Technology:

Although Gupta did not share much details about the Web3 products due to confidentiality, he said that the partnership will also focus on other use areas of blockchain technology beyond cryptocurrencies and virtual digital assets (VDA). According to Gupta, “AI and crypto together have the potential to create new agentic frameworks in which services like communities and payments based on blockchain can be developed.”

Decentralisation and blockchain use cases:

Gupta also revealed that the company has partnered with big brands like Flipkart for Web3. He said, “We have worked with 60 brands and users do not get to know about this technical partnership as it works in the backend.”

Know the Development of “Polygon” and the Prospects of “Web3”:

It was established in 2017 under the name Matic Network on public domain, Polygon changed its name to Polygon in 2021 after 4 years of its establishment. During a financing round in 2022, this business raised over $450 million through a private sale of its native MATIC token.

The term “Web3” describes the future version of the internet, which supports use cases based on blockchain technology, including currencies, NFTs, and decentralized finance. Because it is decentralized, users have more influence over it.


Disclaimer: No recommendations for stock market purchases or sales are made by The Awadh Times. We present market analysis that includes quotes from brokerage firms and market professionals. However, make decisions pertaining to the market only after speaking with qualified professionals.


Read Also: Production of oil and gas in the Arabian Sea begins with ONGC’s Sagar Samrat.


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Shubham Tripathi
Shubham Tripathihttps://theawadhtimes.com
Hi, I’m Shubham Tripathi, a writer at The Awadh Times with a passion for uncovering compelling stories. I specialize in covering a variety of topics, from current events to tech trends, always aiming to provide clear and engaging content. My goal is to simplify complex issues and bring fresh perspectives to readers.

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