After Burger King, Kodak, Telegram, and Bank of England, India’s fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin.
Akash Ambani, the elder son of Mukesh Ambani is leading a 50-member team, working on blockchain technology for the JioCoin project. Within 15 months of its launch, Reliance Jio claims to have reached 160 Mn subscribers. Driven by Jio ‘s expansive network, the company has launched a number of products since then and has forayed into media and entertainment. This includes Jio Phones, Jionet WiFi, JioTV, Jio Cinema, Jio Music, Jio Money and Jio Switch.
The company has also given other major telcos of the country such as Airtel, Idea and Vodafone a run for their money, pushing them to either consolidate their offerings or change their customer acquisition strategy. Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users’ consumability on Jio offerings.