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Facebook, the largest social media platform that has a massive user base of about 2.5 billion monthly active users has recently invested $5.7 billion dollars for a 9.99% stake in Reliance Jio Platforms making Facebook the most renowned and substantial minority shareholder. The announcement of this news spurred the whole country with excitement and curiosity.
Cryptocurrency and Blockchain being the primary hot topics in technology, this Facebook-Jio deal could pave ways for new technological changes like these and help in the growth of India. After Facebook announced its Blockchain-based currency, Libra and the fact that Reliance has pledged on August 12 last year during the Annual General Meeting that they will develop one of the largest blockchain networks in the world. Their collaboration could be a game-changer for us and specifically India, the country that gives Facebook its largest user-base.
How will the People be benefited by the Facebook-Jio deal?
WhatsApp, owned by Facebook, is now connected to small businesses in India and is working on development of its payment system. This will urge all the 60 million small businesses and Kirana-stores for growing. Without a doubt, these two combined will have huge market research and consumer convenience. Hence they aim for creating more new ways for people and businesses to operate effectively and digitally.
These two highly established and innovative companies have a lot in store for us. Crypto innovations are highly expected out of the deal by most of the crypto-enthusiasts. Even though Libra has not been recommended by the FSB (Financial State Board) of the leading economies G20, it is yet seeking approval in the US and other countries. So it would be difficult as well as early to even comment about the launch of Libra in India. However, seeing the growing attention on blockchain and cryptocurrency as well as its adoption worldwide. Something big is definitely in store for all of us after the COVID-19 economic crisis takes a halt.