Jio Platforms Limited (JPL), the digital arm of Reliance Industries, has announced a strategic partnership with Polygon Labs to bring Web3 and blockchain capabilities to its massive user base in India.
The collaboration will integrate Polygon's blockchain solutions into Jio's existing applications and services, potentially transforming digital experiences for over 450 million Jio customers across the country. This marks Jio's official entry into the Web3 space.
"Joining forces with Polygon Labs marks a milestone in Jio's journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users," said Kiran Thomas, CEO of Jio Platforms Limited.
The partnership aims to leverage blockchain technology to enhance data privacy, enable secure transactions, and provide users with greater control over their personal information. Polygon's blockchain network, capable of processing thousands of transactions per second, will power these new features.
Polygon co-founder Sandeep Nailwal emphasized the partnership's potential impact: "This is a major step forward for Web3 adoption in India. We look forward to working with Jio as they introduce Web3 to their millions of customers."
The integration could benefit various Jio services, including JioSphere (formerly JioPages), which has over 10 million installations. Users can expect new features such as decentralized payments, digital identity verification, and enhanced entertainment options.
Polygon Labs, founded in Mumbai in 2017, has raised $451 million to date from notable investors including Sequoia Capital India, SoftBank Vision Fund 2, and Tiger Global. The company's expertise in blockchain solutions will help Jio develop scalable and personalized Web3 services for its vast customer base.