Mukesh Ambani promoted Reliance Industries' demerged financial division – Jio Financial Services – plans to explore blockchain and Central Bank Digital Currencies (CBDCs) including the eRupee, which is currently in advanced trials in India.
Mukesh Ambani, one of the world's richest men, annnounced this Web3-related plans during the 46th annual general meeting of Reliance Industries (RIL) that was held on Monday.
"JFS will consolidate its payment infrastructure, with a ubiquitous offering for both consumers and merchants further driving digital adoption for India," Ambani said. "JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times."
Notably, RIL's other subsidiaries like Reliance Retail and General Insurance service are already accepting eRupee, a CBDC of India.
Late last month, Jio Financial Services partnered with Blackrock to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and Jio Financial Services.
For Web3, RIL had already anticipated the foray into the segment when in February of last year, Jio Platforms, an another subsidiary of RIL, had invested $15 million in Pranav Mistry founded deep-tech startup, Two Platforms Inc. (Two), for 25% equity stake acquisition in the startup.
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