Polygon Labs has entered into an important partnership with Jio Platforms Ltd (JPL). JPL or rather Jio, is the largest telecom firm in India and is a subsidiary of Reliance Industries. As shared on X, Polygon will integrate blockchain technology into applications and services owned by Jio.
This partnership will give Polygon Labs a chance to introduce web3 to Jio’s extensive user base through Polygon PoS. Jio currently has over 450 million users hence making the partnership a significant one.
A Look Into Polygon PoS
Polygon Proof-of-Stake (Polygon POS) is a layer 2 solution that solves the problems associated with congestion and high transaction fees in the Ethereum ecosystem. This solution offers these additional benefits without compromising on decentralization and security.
The Polygon PoS offloads transactions from the Ethereum Mainnet hence improving throughput. The tool also offers a secure and efficient environment for decentralized applications.
By partnering with Polygon, Jio has kickstarted a promising journey that will allow its users to enjoy all the benefits offered by the PoS blockchain technology.
Reactions to the Polygon Labs and Jio Partnership
According to Kiran Thomas, the CEO at JPL, the collaboration with Polygon Labs is truly a landmark step in Jio’s development . “Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence,” Thomas said.
He added, “we are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users.” While Jio holds the first position in the telecom sector, incorporating web3 is a crucial step in ensuring it continues to hold the position.
On the other hand, commenting about the partnership, Polygon’s founder, Sandeep Nailwal, said; “This is a significant step forward for web3 adoption in India. We look forward to working with Jio as they introduce Web3 to their millions of customers.”
MATIC’s Current Price Performance
MATIC is currently trading at $0.4807 with a trading volume of $8.43 million in the last 24 hours according to coinmarketcap. It has recorded a $920.01million in market capitalization, with total circulating supply standing at 10 billion.
However, earlier in the day, the coin saw a surge of over 5% upon the announcement. The partnership with Jio could push the coin even further through user engagement and adoption.
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