Indian TikTok competitor, Chingari, has announced to soon launch its own blockchain network and social token.
Recently, the short-video sharing platform concluded its funding round, in which it raised a total of $19 million. The company has decided to use the fund to introduce its mainnet and organize a token sale for Solana-based GARI token in November, according to a public statement.
Sumit Ghosh, the CEO of Chingari, has mentioned that the company has scheduled the token sale for November 2 and by the end of the month, it will introduce the mainnet and integrate the application.
It has been reported that the recent funding round organized by the company is co-led by Republic Crypto and Mike Novogratz’s investment firm, Galaxy Digital.
Notably, over 30 venture funds and individual investors including Sam Bankman-Fried’s Alameda Research, Solana Capital and Kraken crypto exchange, had invested in the company.
Ghosh has further stated that the company raised a total of $19 million through GARI token, in one seed round and one private round. Following that, Chingari organized two equity rounds, one in 2020 and another in April 2021, which raised $1.3 million and $13 million, respectively.
He added that the users of the platform will get the tokens for creating as well as for watching the content on Chingari.
Ghosh also mentioned, “The idea that a lot of people can make a small amount of money and uplift themselves by participating in a social platform is very powerful and Chingari wants to make this vision possible.”
At the starting of the year 2021, India announced to ban TikTok in the country, which gave an opportunity to a number of short-video sharing platforms like Chingari to fill the void in the subcontinent.
Soon after TikTok was banned in India, the userbase of Chingari reached 50 million from 100,000.
Presently, many social media firms around the world are seen to be getting involved with the crypto industry. Also, the Chinese social media giant TikTok has made its first attempt into the non-fungible token industry in late September.
A few months ago, Twitter also allowed its users to tip each other using cryptos like Bitcoin.