Tik Tok Rival Chingari Raises $19mln to Launch Token on Solana
India’s video sharing platform Chingari is getting ready to create a blockchain network and a social coin by itself. Chingari said Friday that it has raised $19 million in financing to deploy its mainnet and perform a token sale for its GARI token to be hosted on Solana next month.
CEO Sumit Ghosh, a co-founder and co-founder of Chingari, stated that the token sale would take place on November 2nd, with the mainnet launch and application integration following on November 30th.
There were more than 30 venture firms and individual investors involved in the latest fundraising headed by prominent blockchain investors such as Republic Crypto and Mike Novogratz’s investment company Galaxy Digital.
The funding of $19 million for the GARI token project was raised in a seed round and a private round, according to Ghosh. Chingari previously received $1.3 million in stock in 2020 and $13 million in April 2021. These new funds will be used to expand the company.
Users will be able to earn tokens for producing or viewing content on the Chingari blockchain network, as per Ghosh. As he put it, “We want to achieve for social media what Axie Infinity done for gaming,” he added.
There’s a lot of strength in the notion that many individuals may earn a little bit of money while also improving their lives by using a social platform, according to the CEO. Several companies, like Chingari, have attempted to make up for the shortfall by the prohibition on TikTok in India early in 2021.
As a result of the prohibition, Chingari says its user base increased from 100,000 to 50 million in only six months’ time. Chinese social media company TikTok announced its first entry into the nonfungible token market at the end of September, part of a growing trend of social media companies entering the cryptocurrency sector. For a brief period of time, Twitter allowed its clients to tip one other in cryptocurrency (BTC).