With over 78 million downloads, the Chingari short video app has raised $ 19 million in crypto tokens from $ 30 million in business and private investors.
The company claims that strong currencies like USDC and Tether, which are reasonably stable and backed by US dollars, have helped to raise the cycle.
The funds will be used to develop the $ GARI token on the computer platform Solana, which is based on blockchain technology.
These tokens will aid the platform’s growth in terms of monetization for producers.
“While India’s cryptocurrency market is booming, $ GARI is gearing up to make it more mainstream.
Through solid plans and the implementation of promising development, we are investing in both “In a statement, Chingari’s chief executive officer and chief executive officer, Sumit Ghosh, stated.
These tokens, according to Chingari, are a sensitive platform that will allow creators to put up their own eCommerce space through physical sales, invisible tokens (NFT), and fans’ capacity to support their favorite artists.
Republic of Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO are among the investors who have participated in this cycle.
“Integrated ownership of social media platforms like Chingari has the potential to strengthen the interaction between creators and platforms while also opening up new monitoring methods.”
“The Solana blockchain’s high level, low transaction fees, and quick completion make it an excellent base for worldwide acceptance platforms,” said Raj Gokal, a Solana Labs executive.
Cingari, founded by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak in November 2018, has raised $ 33 million to far.
Republic Capital, Astarc Ventures, JPIN, OnMobile, and others have backed the project. In February of this year, it launched video commerce vertically to give a generating engine for creators on its network.