The crypto sector is booming and we get to see new players every now and then. Now, one of India’s biggest business empires, Reliance, has made a debut in the segment with the introduction of JioCoin.
In simple terms, we can say that JioCoin could be dubbed the latest initiative by Jio that focuses on revolutionizing digital transactions in India by integrating it with a blockchain tech-powered ecosystem. It is being hailed as a utility token and expectations are that it will be back the Jio digital services, data storage, and e-commerce storage.
How does JioCoin work?
JioCoins are basically blockchain-based reward tokens that can be grabbed by Indian users while using Jio applications on their smartphone numbers. The JioCoin also offers secure transactions along with protecting user privacy. Reliance has not announced anything related to the launch of the same officially.
Currently, the JioCoin is in beta testing mode and it is available on the Jio browser application. To participate in the accumulation of the same, the eligibility criteria for the same is that the user should be an Indian resident and above 18 years of age. The users are also supposed to register with the BBRP program or its affiliate applications.
In order to collect JioCoin, users have to participate in different activites just like you do in case of BAT (the currency of Brave browser). These tokens are deposited in the Web3 wallet of the users. All the rewards can be used to get Jio services along with providing access to the exclusive account. To create the same, Jio has collaborated with Polygon Labs.
What does it mean for India’s crypto market?
JioCoin’s debut in the market will definitely fuel the usage of crypto in India. And this will also help Reliance in making the Indian masses familiar with the workings of crypto. Expectations are that we will get to see more players joining the Indian Crypto revolution following the footsteps of Jio.
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