Policy Watch
Reliance Jio Partners with Polygon Labs to Deliver Web3 Services to 450 Million Users
Reliance Industries’ (RIL) digital arm, Jio Platforms, which powers India’s largest telecom network Reliance Jio, has announced a strategic partnership with blockchain company Polygon Labs. This collaboration aims to bring advanced Web3 capabilities to Jio’s existing applications and services, leveraging Polygon’s blockchain solutions to enhance user experience for its massive 450 million customer base.
“Reliance is utilizing Polygon’s robust infrastructure to enable its users to seamlessly interact with Web3 technology. They can now develop applications powered by Polygon as the backend, bringing blockchain-powered solutions closer to millions,” said Aishwary Gupta, Global Head of Payments at Polygon Labs. Although specific Web3 products under this partnership remain undisclosed due to confidentiality, Gupta emphasized the broad potential of blockchain technology in India beyond traditional applications like cryptocurrency and trading of virtual digital assets (VDAs).
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“Blockchain and AI can converge to create agentic frameworks, foster communities, and address key areas like payments. India’s financial infrastructure needs to evolve to fully accommodate the Web3 ecosystem,” Gupta stated, highlighting emerging use cases.
Other potential applications include building NFT-based marketplaces for vouchers, enabling users to buy, sell, or trade these assets securely. Polygon Labs has previously collaborated with brands like Flipkart for similar offerings. “We’ve executed Web3 projects with over 60 brands. Interestingly, end users often remain unaware they are interacting with Polygon’s technology, as it operates seamlessly in the backend,” Gupta added.
Founded in 2017 as Matic Network, Polygon rebranded in 2021, marking a significant evolution in its journey. The company raised approximately Rs 3,735 crore through a private sale of its native MATIC token during a funding round in 2022, as per its official blog.
Web3 represents the next phase of the internet, enabling blockchain-based innovations such as cryptocurrencies, NFTs, and decentralized finance. Its decentralized nature grants users greater control over their digital interactions and assets, paving the way for transformative possibilities in various sectors.
