Chingari, an Indian short-form video sharing platform, announced the successful completion of a $19 million token sale on Friday. Additionally, the company intends to create its own social token on the Solana blockchain, called $GARI.
The sale was attended by Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Black pine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO.
The Indian company aims to utilize the money to continue developing the infrastructure for its $GARI token, which enables platform creators to create an e-commerce shop for their physical goods, non-fungible tokens (NFTs), or direct payments from fans.
Users will earn $GARI tokens for watching or uploading content on the network, according to Chingari CEO Sumit Ghosh. These tokens may then be used to access exclusive material from creators or to purchase a voice or video chat with a creator. Additionally, users may use $GARI to purchase or sell movies on the site — all of which will be converted to non-fungible tokens on the Solana blockchain.
“The developers of a platform are its future,” Ghosh said in a statement. “On the one hand, we have an enormous talent pool that should be tapped and compensated with an ethical level of monetization. On the other hand, while crypto is gaining traction in India, $GARI is set to mainstream it. We are combining the two by implementing sound methods and incorporating the most potential industry advancements.”
Chingari claims that it has 80 million users. It helped fill the gap left by the Indian Ministry of Electronics and Information Technology’s June ban on the more popular TikTok, which has over 1 billion subscribers.
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