Tuesday, October 19, 2021

Indian TikTok challenger raises $19M to launch social token on Solana

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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.

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Chingari co-founder and CEO Sumit Ghosh mentioned that the token sale is scheduled for Nov. 2, whereas the mainnet launch and utility integration are anticipated to have gone reside by the tip of that month.

Co-led by main blockchain traders comparable to Republic Crypto and Mike Novogratz’s funding agency, Galaxy Digital, the brand new elevate included over 30 enterprise funds and particular person traders, together with Sam Bankman-Fried’s Alameda Analysis, Solana Capital and Kraken crypto change.

Ghosh acknowledged 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.

In accordance with Ghosh, Chingari’s blockchain platform will permit customers to acquire tokens for creating or watching content material. “What Axie Infinity did for gaming, we wish to do for social media,” he mentioned.

“The concept that lots of people could make a small amount of cash and uplift themselves by taking part in a social platform could be very highly effective and Chingari desires to make this imaginative and prescient potential,” the chief added.

Associated: TikTok embraces NFTs with creator-led collection

Since India banned TikTok earlier this 12 months, quite a lot of corporations — 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 folks in six months.

Social media corporations are more and more transferring into the crypto business, with Chinese language social media large TikTok saying its first foray into the nonfungible token business in late September. Beforehand, Twitter enabled its customers to tip each other using cryptocurrencies comparable to Bitcoin (BTC).