Facebook Invests In Jio Platforms To Boost Crypto Adoption In India

The world’s biggest social media platform Facebook invests more than $5.7 billion in Jio platforms to earn a stake of 9.99%. This way, the company plans to pave the way for crypto in India which doesn’t mean that they will pause the Libra cryptocurrency plans as we are reading in the following Libra news.

Reliance Jio Infocomm already pledged to develop the largest blockchain in the world. Now, as Facebook invests in Jio, it could pave the way for faster growth of cryptocurrencies in India which will, of course, be driven by the Facebook Libra cryptocurrency. Facebook formed a group of companies in order to work on the Libra cryptocurrency which could be used as a payment option in future applications as WhatsApp and Messenger.

Facebook recently invested about $5.7 billion to get a 9.99% stake in Reliance Jio Platforms and experts to see this as a huge opportunity for the companies to get into the digital payments market while still promoting the blockchain innovation in India. Reliance Jio Infocom made a statement during the annual general meeting on 12 August last year and plans to install a blockchain network for industries in India. The founder and CEO of WazirX Nischal Shetty commented:

 “We are well aware of Jio’s involvement in blockchain technology as well as Facebook’s Libra project. When these two combine, it’s an obvious next step for them to explore blockchain crypto-related initiatives in India. Both are highly innovative companies and I don’t think that they would sit on the sidelines while the world moves ahead in crypto.’’

WhatsApp has more than 400 million users and was trying to enter payments in India and this is a very important chance to see crypto initiatives grow with the new partnership. The partnership will make it easier for both sides to promote Libra for the users of the app for internal transactions. Libra could be used as a credit to purchase items on the Jio platform. Facebook’s Libra is in the process of getting approval in different parts of the world so it is too soon to say whether the cryptocurrency will be launched in India. The CEO of CoinDCX Sumit Gupta commented:

“For Libra to eventually become a reality in India, further regulatory clarity is needed around cryptocurrencies within the country and may pose a challenge in the short term.’’