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Chingari, one of India’s Leading Social Platforms Raises $19M to Fund Development of GARI, a Solana-Powered Social Token

coincodex.com 11 October 2021 12:00, UTC
Reading time: ~3 m

Key takeaways:

  • Chingari is one of the quickest growing short-video sharing platforms in India, with 30M monthly active users (MAU) and nearly 80M users in total
  • Solana-powered GARI tokens will allow creators to create their individual e-commerce space and give users the ability to support their favorite creators
  • Chingari plans on using the newly acquired funds for the completion of key near-term platform development goals, such as the launch of GARI social media token

Chingari raised over $19 million in its latest funding round led by prominent cryptocurrency investors such as Republic Crypto, Galaxy Digital, and Alameda Research. The social media company plans on using the newly acquired funds for further development of the Chingari platform’s key features.

Chingari has experienced exponential growth since TikTok was banned in India

After the Indian government banned TikTok over national security concerns in June 2020, several short-videos sharing platforms rose to prominence and filled the void left by the Chinese social media giant. Chingari is arguably the most successful of the bunch, having increased its user base from 100K to 50 million users in just six months. The platform also boasts one of the best user metrics among Indian social media apps with 30 million monthly active users (MAU), and was congratulated by the Indian Prime Minister for winning the ‘App Innovation Challenge’.

The success didn’t go unnoticed, as Chingari managed to attract some of the biggest names in cryptocurrency investing circles for its latest funding round. The list of notable venture capital firms includes Sam Bankman-Fried’s Alameda Research, Kraken, Solana Capital, and BlackPine.

CEO of Chingari Sumit Ghosh attributes the platform’s success to the pool of talented creators:

“The future of a platform lies in its creators. On one side, we have an immense talent pool that needs to be explored, and rewarded with an ethical amount of monetization. On the other side, while Crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream.”

Chingari aims to revolutionize content monetization with social media token GARI

Chingari is actively developing a social media token GARI, which will enable content creators to create their individual e-commerce space, where they will be able to sell physical merchandise, and non-fungible token (NFT) items, and give users the ability to support their favorite artists with donations.

GARI token is being developed on Solana blockchain, which can facilitate a top throughput of 65,000 transactions per second while still retaining very low transaction costs. Such a high distributed ledger efficiency is made possible by utilizing a proof-of-stake (PoS) consensus mechanism combined with an innovative proof-of-history (PoH) timestamping mechanism. For these reasons, Solana is very popular among various NFT projects and decentralized finance (DeFi) applications of all kinds.

Managing Partner at Republic Capital Andrew Durgee believes that social media tokens are key for the continued adoption of digital assets and is excited that Chingari is turning this vision into a reality:

“At Republic, we believe social tokens are an essential piece of the crypto community and creator economy. Chingari shares this vision and has taken innovative steps to bring that vision to life. Their creators and users will now be able to more truly monetize their own engagements and experiences.”

The funds raised in the latest funding round will go a long way towards achieving Chingari’s near-term roadmap milestones. The company is planning to test blockchain live, Chingari Integration beta, and launch GARI token sale in the coming months.

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