One of India’s largest companies to launch its own cryptocurrency

Despite legal uncertainties and banks’ pressure on cryptocurrency exchanges, Indian companies keep working out blockchain projects. Jio Infocomm, a telecommunication operator, has recently announced a new initiative.

The Jio conglomerate, with the capitalization being ranked second in the world and first in India, will develop its own cryptocurrency to retain customers, pay for additional services and establish transparent supply chains. A new asset will be called JioCoin.

According to the source, the blockchain project team consists of 50 specialists led by Akash Ambani, the successor of Jio major minority shareholding. The team will design a logistic delivery control application based on smart contracts and issue JioCoin tokens.

The new cryptocurrency will be reportedly used in Jio paid services (music, movies, Wi-Fi access and others). Currently, they are integrated with the Jio Money payment system but the owners believe that cryptocurrency will be more convenient and profitable for both users and the company.

The cryptocurrency application in payments will provide users with bonus points that can be spent within the system. Therefore, Jio is going to encourage customer loyalty.

Besides, exchanges also continue to grow. Recently, Zebpay, the largest Indian exchange, has added Litecoin (the seventh cryptocurrency in terms of capitalization) in the listing.

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