Indian Tik-Tok rival Chingari is launching its own blockchain network and social token. The short-video sharing platform completed a $19 million funding round to launch its mainnet. The aforementioned token sale will take place on November 2nd. The mainnet launch and application integration will also go live by the end of the same month.
The funding round, co-led by blockchain investors Republic Crypto and Galaxy Digital, included over thirty participants. They comprised venture funds and individual investors such as Solana Capital, Kraken, and Sam Bankman-Fried’s Alameda Research.
According to Chingari co-founder and CEO Sumit Ghosh, the funding round was completed through a GARI token raise, occurring in one seed round, and one private round. Chingari previously raised $1.3 million in 2020 and $13 million in April 2021.
In addition, Chingari plans to conduct a token sale for its Solana-based GARI token with part of the proceeds.
Ghosh says Chingari aims to do to social media, “what Axie did for gaming.” The CEO added that Chingari’s blockchain platform will permit users to obtain tokens for watching or creating content.
Following India’s TikTok ban earlier this year, some firms, Chingari included, have tried to fill the short video-sharing apps. According to Chingari, its user base grew from 100,000 to 50 million people in only six months.
Image Credits: Pixabay
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