Chingari, a short-video sharing platform based in India, has announced that it will be launching its own blockchain network and social token on Solana. The platform has already raised $19 million in a funding round to facilitate this launch.
Funds acquired during this funding round will be used to launch the Chingari mainnet and launch a token sale for the GARI token based on Solana. In a Friday announcement, the co-founder and CEO of the platform, Sumit Ghosh, noted that the token sale would take place on November 2, 2021, while the mainnet launch would occur later in the same month.
Major Crypto Firms Participated
The funding round was supported by major players in the blockchain and crypto sectors. It was spearheaded by Galaxy Digital and Republic Crypto, and it attracted more than 30 venture capital funds and individual investors, some of whom include Kraken exchange, Alameda Research founded by Sam Bankman-Fried and Solana Capital.
While detailing the funding round, Ghosh stated that the GARI token was used to raise funds in one seed round and one private round. This is not the first funding round for Chingari, given that in 2020, the platform raises $1.3 million in an equity round. It raised an additional $13 million in around equity round in April this year.
Ghosh also stated that the new blockchain platform that will support Chingari would enable users to acquire tokens when they create and watch content on the platform. He also added that he would be following the steps already adopted by other blockchain initiatives in the past. “What Axie Infinity did for gaming, we want to do for social media,” Ghosh noted.
He further added that “The idea that a lot of people can make a small amount of money and uplift themselves by participating in a social platform is very powerful, and Chingari wants to make this vision possible.”
Social Media and Blockchain
Chingari is among the top social media platforms that are looking towards the cryptocurrency sector. The firm has managed to grow significantly this year after India banned TikTok. As a short video-sharing platform, the TikTok ban propelled Chingari’s user base from 100,000 to over 50 million users.
On the other hand, TikTok, a Chinese-based social media platform, has also made great strides in the crypto sector. Towards the end of September, TikTok announced that it would venture into non-fungible tokens (NFTs). On the other hand, Twitter recently launched a tipping feature to enable users to tip their favourite content creators using Bitcoin.
Looking to buy or trade Crypto now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider
- How to buy ethereum
- How to buy cryptocurrency