JioCoin: India’s New Blockchain Buzz on Polygon

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Mukesh Ambani’s JioCoin: India’s New Blockchain Buzz on Polygon

Written byAaron S.,

Editor-In-Chief

Last Updated: January 17, 2025

Key Takeaways

JioCoin, built on the Polygon network, rewards JioSphere users but lacks official details on its purpose;
Experts speculate that JioCoin could support Jio’s ecosystem as a large-scale reward token;
Concerns over JioCoin’s transparency suggest it may still be in an experimental phase.

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Jio Platforms, owned by Indian billionaire Mukesh Ambani, has introduced a new token called JioCoin.

On January 16, Kashif Raza, the CEO of Bitinning, posted on X that the JioCoin wallet was live. He added, "You can accumulate JioCoins in a Web3 Wallet built on Polygon".

Built on the Polygon

MATIC $0.2590

network, JioCoin acts as a reward for users browsing the internet through JioSphere. That said, Reliance Jio has not released any details about its purpose or future use.

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Speculation suggests that JioCoin might eventually allow users to redeem rewards for services such as mobile recharges or purchases at Reliance outlets, though no official confirmation has been provided.

Raza noted in another post on X, saying that Reliance Jio operates across a vast network of companies. He believes JioCoin could play a central role within this ecosystem, which could become one of the largest reward programs globally.

However, in a January 17 post on X, Author Sunil Aggarwal raised concerns about JioCoin’s transparency. He questioned whether it has a block explorer, verified smart contracts on Polygon, or listed details about its supply. Without answers to these questions, he described JioCoin as an experimental project.

Meanwhile, Phantom, a cryptocurrency wallet, recently denied rumors of creating a new token. What did the company say? Read the full story.