• Source:JND
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JioCoin on Polygon: It's been quite a while since the crypto market has been all the buzz for investors and tech enthusiasts alike, and with that said Reliance Jio which is India's largest telecom services provider has reportedly joined the crypto race as well. 

JioCoin a crypto token built on the Ethereum Layer 2 has been launched and is currently listed on Polygon, a platform for cryptocurrency. While an official statement from the company is yet to surface, JioSphere users on Android and iOS have started to see a reward token or a JioCoin token on their devices.

In a post on social media platform X, a user wrote: “Jiocoin wallet is LIVE!!! Yes, yes, this is an unbelievable update! This is real... it's happening! You can accumulate JioCoins in a Web3 Wallet built on Polygon (A Public Blockchain).”

 

The user also provided a screenshot mentioning JioCoin Wallet and stated that JioSphere users will be rewarded for browsing online.

Things You Should Know About the JioCoin:

1.JioCoin is created as a reward token for those using the JioSphere web browser.

2.Its launch follows Jio's partnership with Polygon Labs aimed at enhancing its blockchain and Web3 initiatives.

3.However, Jio’s reward token is non-transferable and cannot be redeemed.

4.Some reports suggest that JioCoin could potentially be used for services like mobile recharges or purchasing Jio's products.

5.The future of JioCoin is uncertain, given India's strict regulations on cryptocurrencies, including a 30% tax on profits and a 1% TDS (tax deduction at source).

6.Back in 2018, a report revealed that Jio Platforms was assembling a 50-member team to develop the token, with Mukesh Ambani's eldest son, Akash Ambani, leading the project.

7.On January 15, Jio unveiled its partnership with Polygon Labs, announcing plans to integrate blockchain features into its offerings. However, JioCoin was not mentioned in the announcement.

8.There’s potential for the reward tokens to be converted into currency in the future, as the terms of use mention the need for a UPI-linked bank account for redemption.

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