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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 software integration are anticipated to have gone reside by the tip of that month.

Co-led by main blockchain traders akin 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 trade.

Ghosh acknowledged that the $19-million funding was accomplished by way of 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 line 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 lots of people could make a small sum of money and uplift themselves by collaborating in a social platform may be very highly effective and Chingari needs to make this imaginative and prescient doable,” the manager added.

Associated: TikTok embraces NFTs with creator-led collection

Since India banned TikTok earlier this yr, plenty 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 individuals in six months.

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