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Jio Launches JioCoin on Polygon Network, Faces Backlash
Indian telecom behemoth Jio Platforms has made its foray into blockchain with the launch of its reward-based token JioCoin. Built on the Polygon network, JioCoin is designed to reward users of Jio’s proprietary browser JioSphere. This move comes after Jio’s recent partnership with Polygon Labs to integrate Web3 and blockchain solutions into its ecosystem, which serves over 450 million users.
Although Jio has yet to release an official announcement on the token’s utility, JioCoins are currently neither transferable nor redeemable. Instead, they accumulate in users’ Polygon wallets, offering potential long-term value.
Kashif Raza, CEO of Bitinning, speculated that JioCoins might eventually be used for mobile recharges, shopping at Reliance retail outlets, or purchasing fuel at Reliance gas stations. He described the initiative as potentially becoming “the most significant reward program in the worl
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