Facebook Invests $5.7 Billion in India’s Reliance Jio: Masterstroke to Push Libra 2.0

  • Facebook announced buying a 9.99 percent stake (nearly USD 5.7 billion) in the leading telecom sector of India, Reliance Jio that offers internet services to over 370 million people in the country.
  • However, this venture will somewhat prove a gateway for Facebook’s cryptocurrency Libra to approach the Indian digital ecosystem in the near future.
  • Moreover, the exclusive deal is a successful association for both Jio and Facebook platforms as it will provide Facebook core access in the country with the second-largest internet market after China.

On Wednesday, the world’s largest social network Facebook announced buying a 10 percent stake (nearly USD 5.7 billion) in the leading telecom sector of India, Reliance Jio that offers internet services to over 370 million people in the country. The platform is looking to stretch its legs in the largest market in terms of subscriber base.

JIO + Facebook: A Gateway for Libra

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The nation is mellowed with this opportunity as Indians are becoming more tech-savvy and seeking new methods to connect through the web and explore the new approach of a business.

However, this venture will somewhat prove a gateway for Facebook’s cryptocurrency Libra to approach the Indian digital ecosystem in the near future. After the legendary verdict by the Apex Court on RBI 2018 circular, the Indian cryptocurrency exchanges have got a green signal to start their market.

Thus, it is a golden chance for Libra to penetrate the Indian market. According to a source, the Libra Association is planning to launch its digital currency by the end of this year by regulating it to certain countries like France, Germany, and India.

A win-win deal for Facebook and Jio

The exclusive deal is a successful association for both Jio and Facebook platforms as it will provide Facebook core access in the country with the second-largest internet market after China.

The Chairman of the RIL Mukesh Ambani addressed that the collaboration between Jio and Facebook will appreciate the objective of ‘Digital India.’

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.

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