India is one of the countries where technology has had a strong footing over the last few years. The Asian giant accounts for some of the tech startups that are introducing new concepts and showing their intent to be one of the leading planes for technology in the globe.
Recently, an Indian short video sharing platform, Chingari, announced that it had raised a total of $19 million for its platform via a token sale. The funds will be used as an investment tool to build the Chingari community as it plans to launch its social token, $GARI, on the Solana blockchain.
Several firms took part in the token sale, and they include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO and around 15 others participated in the sale.
The video-sharing platform intends to start building infrastructures with the newly raised funds to develop $GARI, which would allow users and creators on their platform to get an e-commerce storefront for their physical good, accept payment from their followers as well as non-fungible tokens (NFTs).
More About the Funds
In an interview, Chingari CEO Sumit Ghosh explained that users would receive $GARI tokens for watching or uploading videos on the site. These tokens can then be used to unlock exclusive material from a creator or to purchase a voice or video call with them. Individuals can also buy and sell videos on the platform using $GARI, which will all be converted into NFTs on the Solana blockchain.
Ghosh was reported to have said, “The future of a platform lies in its creators,” On one side, we have an immense talent pool that needs to be explored and rewarded with an ethical amount of monetization. On the other side, while crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream. We are infusing the two through robust strategies and incorporation of the most-promising industry advances.”
Chingari to Spread its Tent
Chingari, which is widely considered as TikTok’s Indian rival and has a user base of 80 million people. When the Indian Ministry of Electronics and Information Technology banned the global app, TikTok, which has more than a billion users, in June of this year, Chingari successfully helped to fill the short-form video hole in the Asian country.
According to the Indian based-firm, which was founded in 2018, about 30 million monthly active users are recorded while there are about 78 million downloads. Adding cryptocurrency to its platform will undoubtedly popularise the Indian app and bring in more revenue as well as active users. Indians have become crypto enthusiasts and account for a huge part of the active users in most crypto communities. For most Indians, cryptocurrency is a full-time employment opportunity as they use it to navigate the economic distress caused by the pandemic.