India’s first social crypto token, Chingari’s ($GARI) launched with Solana
The micro-content/short video application Chingari will allow users to obtain the tokens for creating or watching content in the platform
India's first micro-content/short video application Chingari has launched its first-ever crypto token, $GARI at a public event in Mumbai recently.
With this launch, it has become the first social network to issue crypto tokens to do so in India.
What is Chingari?
Chingari currently offers customized videos, an extensive song library, hyper-realistic AR filters, and content in over 20 languages and has around 50 million monthly active users and almost 85 million downloads to date.
The token will be built in partnership with the Solana blockchain.
Raj Gokal, COO of Solana Labs speaking on this said,
"Collective ownership of social platforms like Chingari can completely upend the creator-platform relationship globally and unlock new monetization models for creators, especially in confluence with Solana’s blockchain, which offers high throughput, low transaction fees, and more."
The underlying vision herein, per the founders, is to empower the creators via these social tokens by allowing them to monetize their content by setting up e-commerce spaces that can potentially include merchandise, NFT creations, and more.
Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari said, "With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetization to become more mainstream in India."
"Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent with an ethical amount of money and empower them via a social platform," Ghosh revealed.
The company has recently completed a funding round of over $19 million from more than 30 venture funds and individual investors. The funding will help the startup to build ‘$GARI’ with Solana, a fast growing ecosystem in crypto technology.
Using the funds, the short-video sharing company will test blockchain live, Chingari Integration beta, and the upcoming $GARI token sale.
Some of the biggest firms that participated in the funding round include Republic 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, among others.
The company was founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak.