Polygon Labs teams up with India’s leading telecommunications giant, Reliance Jio, for the purpose of incorporating blockchain technology within their current system setup.
Through a recent announcement on January 15th, it’s been revealed that Jio, a subsidiary of Reliance Industries, intends to utilize Polygon’s technology infrastructure to strengthen its current applications and services by integrating blockchain and Web3 technologies for approximately 450 million Indian users.
The specifics about the upcoming Web3 products resulting from the partnership weren’t revealed, but Jio Platforms Ltd CEO, Kiran Thomas, indicated that this collaboration will enable the company to delve into the limitless potential of Web3 technology and create unique, extraordinary digital experiences for their users.
In a statement to local news outlets, Aishwary Gupta, head of Payments at Polygon Labs, noted that the collaboration would empower Jio to develop apps using Polygon’s blockchain foundation. This would permit Jio users to effortlessly engage with Web3 technology while avoiding its intricacies.
In a recent blog post dated January 16th, Polygon CEO Marc Boiron emphasized the importance of the partnership, as it had already been activated on Polygon’s proof-of-stake blockchain network.
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In his January 16th blog post, Polygon CEO Marc Boiron underscored the value of the collaboration since it was operational on Polygon’s proof-of-stake blockchain infrastructure.
This announcement isn’t merely significant; it’s monumental news. To put it in perspective, for those unfamiliar with the Indian market, it’s akin to announcing that Google is integrating Polygon Proof-of-Stake (PoS) for specific apps and services. This integration is currently active on PoS, with further details about the product and plans to onboard 450 million users onto PoS forthcoming.
— Degen CEO of Polygon Labs (※,※) (@0xMarcB) January 16, 2025
The advancement has been warmly received among the Polygon community, with several members considering it a chance to boost widespread acceptance for the blockchain system. On the day of writing, the native token of the network, POL, experienced an increase of more than 5%.
Under the guidance of Asia’s wealthiest individual, Mukesh Ambani, Reliance Industries has been a pioneer in technological advancements across India. They’ve spearheaded transformative projects that have reshaped various sectors, such as driving India’s 4G revolution to make high-speed internet more broadly available.
For quite some time now, the large corporation has shown an inclination towards blockchain technology. Importantly, it had earlier invested in Vakt Holdings Limited, a company based in the U.K. that specializes in distributed ledger technology, with the aim of digitalizing its energy trading procedures.
As an analyst, I’ve observed a noteworthy development: Akash Ambani, the eldest son of Mukesh Ambani, has openly expressed his support for blockchain technology and cryptocurrencies. There have been whispers in the industry about JioCoin, a potential digital currency initiative from Reliance Jio, and Akash’s endorsement seems to be connected to this speculation.
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2025-01-16 17:35