TikTok rival Chingari raises $19 million to develop a ‘social token’

Chingari social Media app is ready to dive into the Crypto space with its own social token. For this, the platform raised $19 million in advance.

Chingari is a social video Platform of India and raised around 80 million users after the ban of the TikTok india in may 2021. Now this platform is getting huge popularity in the Indian crypto industry because of the monetization strategy of the video contents in the platform.Chingari platform raised $19 million through token sale recently. 

The main contributors to raise the funds are Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO and around 15 others firms. 

Now, Chingari platform said that they will raise funds for the development of their own social token $GARI on the solana blockchain.

The use case of the token will be on the Chingari platform. Users will be able to use GARI Token at Chingari platform to buy and sell the video contents. And also funds will be used by the platform to make their own marketplace to support for the NFTs video contents easy to buy and sell.

This concept is not new in the crypto industry. Surely here Chingari platform can do something unique because already they have more than 80 million users and this will help $GARI to get better popularity like other meme tokens. 

Sumit Ghosh , CEO of Chingari app, talked about it in interview and said that $GARI token will unlock special video contents of the users and further added 

“On one side, we have an immense talent pool that needs to be explored, and rewarded with an ethical amount of monetization. On the other side, while crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream”

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