With an investment of $5.7 billion in India’s leading telecom industry Reliance Jio, the social media giant Facebook is now Jio’s largest minority shareholder.

Nischal Shetty, the founder of the leading Indian crypto exchange WazirX, notified that the exchange is closely monitoring the development related to this mega-deal and its effects on the crypto market of India.

With an investment of $5.7 billion in India’s leading telecom industry Reliance Jio, the social media giant Facebook is now Jio’s largest minority shareholder.

Libra will be promoted as a payment solution for this deal

This mega-deal will pave the way of the growth of Cryptocurrencies in India with the penetration of Facebook’s cryptocurrency Libra.

Facebook Libra will be promoted as a payment solution for the Facebook-Jio project. However, the telecom king has proposed to create the world’s largest blockchain network in India. The association of the duos will help them to step into the emerging digital payment industry in India as well as enabling blockchain technology in the country.

As per speculators prospect Facebook-Jio association will prove as a masterstroke in the emerging Indian crypto industry.

WhatsApp is keenly exploring the Indian payments sector

Nischal Shetty, the founder of the leading Indian crypto exchange WazirX, notified that the exchange is closely monitoring the development related to this mega-deal and its effects on the crypto market of India. Their association will bring cryptocurrency development in India as both the companies are masterminds in innovation, and they won’t be inactive for long.

Does the Facebook investment in Jio open up a bright future for Indian Crypto ecosystem?#IndiaWantsCrypto https://t.co/6cFotNkkGs — Nischal (WazirX) ⚡️ (@NischalShetty) April 23, 2020

On the other side, the top messaging app WhatsApp is seeking to offer digital payment services in India, and the Facebook Libra will thus play an important role in this venture. The cryptocurrency can also be used for purchases made on the Jio platform.

The latest verdict of the Supreme Court over RBI 2018 circular has opened the door for cryptocurrency to pitch in the Indian market. Libra still needed some regulatory clarity to become a reality in the country ultimately.