India’s largest company – Reliance Industries – is jumping the cryptocurrency bandwagon with plans to launch its own cryptocurrency called JioCoin.
The country’s most valuable conglomerate is said to be mulling launch of JoiCoin through its telecom subsidiary Reliance Jio Infocomm. According to reports in the local media Jio Infocomm is going to set up a 50-member team of professionals who will work on blockchain technology to develop applications for supply chain management logistics as well as building smart contracts under the ‘JioCoin project’.
The blockchain development team – to consist of professionals with an average age of 25 years – will also work toward developing its own cryptocurrency called Jiocoin.
While there are no official details, reports indicate that the JioCoin project will be led by Akash Ambani, the eldest son of Mukesh Ambani who is the managing director of Reliance Industries.
One of the sources inside the company who is said to be aware of JioCoin plans said that one of the applications to be worked on by the project team will be cryptocurrency.
The company has massive footprint in India through Reliance Jio. The company offers Jio Phones, JioTV, JioNet WiFi, Jio Cinema, Jio Music and notably, Jio Money. With Jio Money, Reliance Jio has developed its own payment gateway and wallet that predictably brings a wide range of discounts on purchases in food, travel, apparels and more.
JioCoin could easily fit with all these and could conceivably issue loyalty points in cryptocurrency that can be used for purchases throughout the Jio ecosystem.