The platform says it wants to revolutionize social media as well as “Axie Infinity did for games.” Prominent industry firms such as Galaxy Digital and Kraken participated in the round.
Chingari, an India-based platform similar to the popular social network TikTok, announced on Friday that it plans to launch a social cryptocurrency after raising $ 19 million in an investment round.
Founded in 2018, Chingari is an application that allows its users to share short format videos. The platform has seen accelerated growth this year as a result of the ban on TikTok in India in June 2020. Chingari it now has 30 million monthly active users and 78 million downloads, according to the company.
As reported by various news outlets, the company aims to launch a token social after closing the investment round of almost 20 million dollars. Prominent crypto investors participated in the round financing, including Republic Crypto, Galaxy Digital, Alameda Research, Kraken, Solana Capital and others.
TikTok competitor launches token in Solana
In accordance with The Block, the Indian startup intends to use the capital raised to continue building the infrastructure for its token, called GARI, based on the network Solarium.
That cryptocurrency, which has been cataloged by the executives of Chingari like a “critical piece of platform“, Will allow creators to set up their own e-commerce spaces that include physical merchandise, create non-fungible tokens (NFTs), and allow fans to fund their favorite artists.
Users of Chingari will receive the GARI cryptocurrency for watching or uploading content on the platform, explained the CEO of Chingari, Sumit Ghosh, to the aforementioned news agency. “The future of a platform is in its creators“Ghosh said in a statement, anticipating that the startup wants to revolutionize social networks by doing what “Axie Infinity made for games“.
The idea that many people can earn a small amount of money and rise by participating in a social platform is very powerful and Chingari wants to make this vision possible. […] While cryptocurrencies are experiencing rapid expansion in India, $ GARI is set to become mainstream.
The tokens GARI can be used to unlock special content from a creator or to purchase a voice or video call with a creator. In addition, people will be able to use the native cryptocurrency to buy or sell videos on the platform, which will become NFT on the blockchain of Solarium.
Social networks plunge into the crypto space
According to reports, the token sale of Chingari is scheduled for November 2, while the mainnet launch and app integration is expected to be available later that month.
Meanwhile, giant social media companies are increasingly moving into the digital currency space. Last week we reviewed the first incursion of TikTok in the NFT space that will include the release of limited edition content from popular artists of the platform such as Lil Nas X, Curtis Roach and Brittany Broski.
Most recently the famous romantic dating app, Tinder, announced plans to launch its own cryptocurrency that will allow users to access paid services. The token of that app will initially be available to users in Australia.
This news comes shortly after Twitter will incorporate for the first time a functionality that makes it easier for its users to send and receive tips with Bitcoin.
Hannah Estefanía Pérez’s version / DailyBitcoin
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