Reliance Jio partners with Polygon Labs to offer Web3 services
What's the story
Reliance Industries' digital arm, Jio Platforms (JPL), has signed a strategic partnership with Polygon Labs.
The partnership will bring Web3 capabilities into some of Jio's existing apps. It will use Polygon's blockchain solutions to bring Web3 services to over 450 million Jio customers.
Kiran Thomas, CEO of JPL, expressed his excitement about the partnership and how it could improve user experiences.
Web3 refers to the next iteration of the internet, characterized by decentralization, user ownership of data, and blockchain technology.
CEO's perspective
A significant milestone in Jio's digital journey
Thomas called the partnership a "significant milestone in Reliance Jio's journey toward digital excellence."
He said he was eager to explore the limitless potential of Web3 and deliver unmatched digital experiences for users.
This strategic move is in line with Reliance Chairman Mukesh Ambani's interest in exploring blockchain solutions, which he had expressed nearly two years ago.
Company profile
Polygon Labs: A leader in Web3 application development
Founded in 2017, Polygon Labs focuses on building Web3 apps. The company works on the Ethereum blockchain and links Ethereum-based projects.
It recently collaborated with Chaincode Consulting and the Indian Railway Catering and Tourism Corporation to provide non-fungible tokens (NFTs) at the Mahakumbh 2025 event.
NFTs are unique digital assets hosted on a blockchain with unique identifying information that makes them different from identical assets like cryptocurrencies.
Tech trend
India's growing interest in Web3 technology
India has seen a boom in Web3 adoption in recent years. In 2024 alone, over 1,000 start-ups were born in this space, a report by Hashed Emergent, a Web3 venture capital firm, said.
The Indian government has also expressed interest in adopting elements of Web3 technology and blockchain solutions.