Indian crypto sector is excited after the mega Facebook Jio deal worth $5.7 billion. But what’s the connection between Facebook-Jio deal and the Indian crypto realm? Well, both the companies are committed to mammoth blockchain and crypto projects, and their mega partnership is sure to set new trends in Asia’s largest democracy.
Facebook Libra, the famous cryptocurrency project of the social media giant, will be promoted as a payment solution. In comparison, Reliance Jio has announced plans to build the world’s largest blockchain network in India. The collaboration between the two will help them tap into the burgeoning digital payments sector in India while also promoting blockchain innovation.
Facebook Jio deal goes beyond just crypto
Facebook bought a 9.99 percent stake in Reliance Jio for a whopping $5.7 billion. The planned pan-India blockchain network by Reliance Jio will come handy to promote Facebook Libra. Indian crypto scene is dominated by small to medium scale blockchain players. The entry of Reliance Jio into the blockchain sector will prove to be a game-changer.
Nischal Shetty of WazirX, India’s top-most crypto exchange, says that they are closely tracking the developments related to the Facebook Jio deal and its implications for the Indian crypto sector. Their combination is sure to stir up blockchain innovation and cryptocurrency developments in India. Both companies believe in innovation, and they won’t be sitting on the sidelines for long.
— Nischal (WazirX) ⚡️ (@NischalShetty) April 23, 2020
Shetty further adds that Whatsapp is eagerly exploring the Indian payments sector. The Facebook Jio deal is sure to encourage its plans to offer digital payment services to India’s 400 million users, and Facebook Libra can come handy to achieve this goal. Libra can also be used for purchases on the Jio platform.
Indian crypto sector needs big investments
Currently, Facebook Libra is entangled in regulatory approvals in various countries across the globe. The recent decision of the Supreme Court of India to allow cryptocurrency trading in India is a positive step in this direction.
For Libra to operate in the Indian crypto sector, it must pass the regulatory red tape. With blockchain innovation in India rising at breakneck speeds, the Indian crypto sector is poised for growth.