2 min read.Updated: 17 Oct 2021, 02:56 PM ISTLivemint
Recently the Indian short-video sharing platform completed a funding round of over $19 million from more than 30 venture funds and individual investors
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Social Token App, Chingari unveiled its’ first-ever crypto token, ‘$GARI’ at a public event at Taj Lands’ End, Mumbai at the hands of film star and the brand ambassador of the tech start-up, Salman Khan. With the launch, Chingari claims to be the first social network in India to have issued crypto tokens.
Recently the Indian short-video sharing platform completed a funding round of over $19 million from more than 30 venture funds and individual investors. The funding will help the startup to build ‘$GARI’ with Solana, a fast growing ecosystem in crypto technology.
Using the funds, the company will test blockchain live, Chingari Integration beta, and the upcoming $GARI token sale. Some of the biggest firms that participated in the funding round include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO, among others.
With the launch, $GARI aims to transform the creator ecosystem of the Indian sub-continent by enabling creators to set up their e-commerce space that includes physical merchandise, NFT creations and the ability for the fan community to fund their favourite artists.
Chingari’s brand ambassador Salman Khan states, “The Creators are shaping the future of entertainment. With the incorporation of GARI rewards programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app. It’s going to be an interesting journey hereon."
Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari informed that with the launch of $GARI, Chingari is poised to become the trailblazer of social infotainment platforms and will forefront the Indian crypto blitzkrieg.
“Chingari is the go-to destination for the young millennials, including some of the country’s finest creators. While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape. With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetization to become more mainstream in India. Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent with an ethical amount of money and empower them via a social platform. Chingari through its token $GARI wants to make this vision possible. We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy." elaborates Sumit Ghosh.
Founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak, Chingari lets users download and upload short videos and shop for merchandise within the app, among other things.
The Bengaluru-based rival of Instagram Reels, MX Takatak, Josh and Moj boasts of 50 million monthly active users and 78 million downloads to date. After the ban of TikTok, the app gained more traction among Indians due to more demand for local companies.
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