Reliance Jio signs pact with Polygon Labs for incorporating new tech like Web3
Reliance Jio is set to incorporate the latest technologies like Web3 and blockchain on its network and services through a partnership with cryptocurrency and blockchain platform Polygon Labs.
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The deal with Jio Platforms, which will be announced shortly, will allow Jio’s over 450 million users to utilise the benefits of Web3 capabilities to get better digital experiences, which are more personalised and distributed securely, the companies told ET.
Web3 technologies like blockchain decentralise data ownership and control on the internet, allowing end users to have more control on their data and enhanced privacy.
Polygon, founded in Mumbai in 2017 by Sandeep Nailwal, Jaynti Kanani and Anurag Arjun, had raised funding from Sequoia Capital India, Softbank Vision Fund II, Tiger Global, Accel Partners among others. The company had also raised a sizable investment from US-based billionaire investor Mark Cuban.
“The partnership with Reliance Jio represents a significant step forward for Web3 adoption in India and a signal for the rest of the world to follow suit. Polygon Labs will support Jio and work closely to integrate blockchain across its various applications to unlock the potential of blockchain-based solutions,” Nailwal, co-founder of Polygon Labs, told ET.
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