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Facebook Takes Stake in India’s Largest Telecom Operator, Can It Boost Cryptocurrency Adoption?

Facebook has recently invested in India’s largest telecom operator, Reliance Jio. The deal has increased share price of Reliance Industries and is greeted by the Indian Bitcoin and Crypto community. Above and beyond, with the aforementioned deal instant messaging app Whatsapp has come into a partnership with Reliance Retail and Jio Platforms.

Lat week, the social media giant declared that it is obtaining a stake in Reliance Jio, the prime private sector establishment in India. Facebook signed binding agreements to invest forty three thousand five hundred and seventy four crore (approximately six billion USD) into Jio and its associated JioMart.

It is to be noted that the investment represents the biggest foreign direct investment (FDI) in the tech domain of India.

The company announced,

“Reliance Jio’s valuation is approximately $65.95 billion, assuming a conversion rate of ₹70 to a US dollar.”

The deal with Facebook has boosted the share price of Reliance Jio’s parent company, Reliance Industries. Notably, the stock was up by approximately ten percent on the BSE stock exchange next day subsequent to the announcement.

With the speculations going around Facebook’s Libra cryptocurrency and last year’s announcement of Reliance to develop India’s largest blockchain network, can the deal give boost to blockchain and cryptocurrency adoption in India? Let us know your thoughts in the comments below!

Image by Gerd Altmann from Pixabay