Facebook Buys Stake in Jio Platforms

Kataryna Kovtun April 24, 2020

BitXmi.com

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The aim of the deal will be the integration of the WhatsApp messenger owned by the company with the e-commerce platforms of the Indian company.

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Facebook bought a 9.9% stake in Indian telecommunications company Jio Platforms for $ 5.7 billion, The New York Times writes. After the regulator approves the deal, Facebook will become the company’s largest minority shareholder.

Jio Platforms is the “daughter” of one of the largest multinational companies in the country Reliance Industries. And the largest provider of cellular and internet services in India.

Facebook noted that over the past four years, thanks to Jio Platforms, about 388 million people have gained access to the Internet.

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— said Facebook head Mark Zuckerberg on his page in the social network.

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According to The New York Times, India is one of the largest markets for Zuckerberg. The Facebook audience in the country totals 300 million people. The WhatsApp messenger audience exceeds 400 million users.

Collaboration Related to E-commerce

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It was also announced that one of the areas of Facebook’s collaboration with Reliance Jio will be related to e-commerce. It is planned to integrate the small business-oriented JioMart service with the most popular Facebook WhatsApp messenger in the country. Due to this, users will be able to interact with enterprises and make purchases within a single mobile application.

How the Indian Cryptocurrency Sector Reacted?

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The cryptocurrency community in India is optimistic about the deal between Facebook and Reliance Jio. Last year, the biggest telecommunications company announced its plan to build the largest blockchain network in India.

Crypto Kanoon, an Indian information platform, has revealed what Facebook means to buy a stake in Reliance Jio for the Indian crypto sector:

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Besides, Crypto Kanoon added that having a local partner can help Facebook navigate “various regulatory issues, including those related to privacy and local storage.” The Reliance Jio and the Facebook deal is not a joint venture. The two companies will continue to work independently with their business models.

Read more about cryptocurrency news in India here

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