Facebook has invested $5.7 billion into Reliance’s Jio Platform for about 10% stake in the platform. This is the single biggest minority investment by a technology player into India and Facebook’s largest investment in India toll date. While the deal is expected to have a huge impact on the e-commerce and retail space, it is likely going to have a huge impact on the blockchain and cryptocurrency industry in India. Facebook has already announced its Libra project and Reliance Jio is also rumoured to harbour cryptocurrency ambitions through JioCoin. In addition, Reliance also wants to deploy a huge blockchain network in India. This partnership will likely boost crypto and blockchain adoption in India.
Why Facebook is spending billions for a minority stake in Reliance Jio:
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