Blockchain

Chingari Introduces Its Own Blockchain and Token

The Indian short video sharing platform Chingari is preparing for the introduction of its own blockchain network and a social token.

Chingari completed $ 19 million financing to launch its mainnet and conducted a token sale for the Solana-based GARI token in November, the company announced on October 8.

Chingari co-founder and CEO Sumit Ghosh said the token sale is scheduled for November 2nd, while the mainnet launch and application integration is expected to go live by the end of the year this month.

The new capital increase is jointly led by large blockchain investors such as Republic Crypto and the investment firm Galaxy Digital by Mike Novogratz and includes more than 30 venture funds and individual investors, including Sam Bankman-Frieds Alameda Research, Solana Capital and the cryptocurrency exchange Kraken.

Ghosh announced that the $ 19 million funding through GARI token procurement has been completed in a seed round and a private round. These raises come after two rounds of staking in which Chingari raised $ 1.3 million in 2020 and $ 13 million in April 2021.

Ghosh said Chingari’s blockchain platform will allow users to purchase tokens to create or view content. “What Axie infinity did for the game, we wanted to do for society,” he said.

The CEO added, “The idea that many people can make a small amount of money and improve by joining a social platform is very powerful and Chingari wants to make that vision a reality.”

Ghosh declined to comment on whether Chingari received regulatory approval for its token.

Related: TikTok is adopting NFT with a creator-led collection

Since India banned TikTok earlier this year, a number of companies – including Chingari – have tried to fill the void for short video sharing apps on the subcontinent. After the ban, Chingari claimed that its user base had grown from 100,000 to 50 million in six months.

Social media companies are increasingly entering the crypto industry, with Chinese social media giant TikTok announcing its first foray into the non-fungible token industry of cryptocurrencies like Bitcoin (BTC) at the end of the month.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

11 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

18 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

42 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.