Indian short-video sharing platform Chingari is getting ready to launch its personal blockchain community and social token.
Chingari has accomplished a $19-million funding spherical to launch its mainnet and conduct a token sale for its Solana-based GARI token in November, the agency introduced on Friday.
Chingari co-founder and CEO Sumit Ghosh stated that the token sale is scheduled for Nov. 2, whereas the mainnet launch and software integration are anticipated to have gone dwell by the top of that month.
Co-led by main blockchain buyers comparable to Republic Crypto and Mike Novogratz’s funding agency, Galaxy Digital, the brand new increase included over 30 enterprise funds and particular person buyers, together with Sam Bankman-Fried’s Alameda Analysis, Solana Capital and Kraken crypto change.
Ghosh acknowledged that the $19-million funding was accomplished through a GARI token increase in a single seed spherical and one non-public spherical. These raises adopted two fairness rounds the place Chingari raised $1.3 million in 2020 and $13 million in April 2021.
In line with Ghosh, Chingari’s blockchain platform will enable customers to acquire tokens for creating or watching content material. “What Axie Infinity did for gaming, we need to do for social media,” he stated.
“The concept lots of people could make a small sum of money and uplift themselves by taking part in a social platform could be very highly effective and Chingari desires to make this imaginative and prescient potential,” the chief added.
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Since India banned TikTok earlier this yr, numerous companies — together with Chingari — have tried to fill the void for brief video-sharing apps within the subcontinent. Following the ban, Chingari claims that its person base grew from 100,000 to 50 million folks in six months.
Social media companies are more and more transferring into the crypto business, with Chinese language social media big TikTok saying its first foray into the nonfungible token business in late September. Beforehand, Twitter enabled its customers to tip one another utilizing cryptocurrencies comparable to Bitcoin (BTC).