Indian TikTok challenger raises $19M to launch social token on Solana
Indian short-video sharing platform Chingari is making 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 stay by the top of that month.
Co-led by main blockchain buyers akin to Republic Crypto and Mike Novogratz’s funding agency, Galaxy Digital, the brand new elevate included over 30 enterprise funds and particular person buyers, together with Sam Bankman-Fried’s Alameda Research, Solana Capital and Kraken crypto exchange.
Ghosh said that the $19-million funding was accomplished through a GARI token elevate 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.
According to Ghosh, Chingari’s blockchain platform will enable customers to acquire tokens for creating or watching content material. “What Axie Infinity did for gaming, we want to do for social media,” he stated.
“The idea that a lot of people can make a small amount of money and uplift themselves by participating in a social platform is very powerful and Chingari wants to make this vision possible,” the chief added.
Ghosh declined to touch upon whether or not Chingari has obtained any regulatory approvals for its token.
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Since India banned TikTok earlier this 12 months, a lot of 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 consumer base grew from 100,000 to 50 million individuals in six months.
Social media companies are more and more transferring into the crypto trade, with Chinese social media big TikTok asserting its first foray into the nonfungible token trade in late September. Previously, Twitter enabled its customers to tip one another utilizing cryptocurrencies akin to Bitcoin (BTC).