India’s short-video sharing platform Chingari has raised $19 million for its token spherical from outstanding crypto buyers, together with Sam Bankman-Fried’s Alameda Analysis, Kraken, Galaxy Digital, Solana Capital and Republic Crypto.
- Based in 2018, Chingari is a widely known video app that has grown quickly after standard social media platform TikTok was banned in India in June 2020. Chingari now has 30 million month-to-month energetic customers and 78 million downloads, in line with the corporate.
- The funds will likely be used to proceed the event of the Chingari platform and to launch the $GARI social token on the Solana blockchain.
- The token is a “vital piece of the platform” that can allow creators to arrange their very own e-commerce areas that embody bodily merchandise, create non-fungible tokens (NFTs) and allow followers to fund their favourite artists, the corporate stated.
- “The way forward for a platform lies in its creators. On one facet, we have now an immense expertise pool that must be explored and rewarded with an moral quantity of monetization. On the opposite facet, whereas crypto experiences a speedy growth in India, $GARI is poised to make it mainstream,” Chingari CEO Sumit Ghosh stated in an announcement.
- Different notable buyers within the funding spherical embody BlackPine, NGC Ventures, CoinFund, LD Capital, Borderless Capital, AU21 Capital, Cultur3 Capital, Lengthy Time period Ventures, Afton Capital and CSP DAO.
Learn extra: Indian Investments in Crypto Have Exploded: Report