India-based short-video sharing platform Chingari is reportedly gearing towards introducing its self-developed blockchain network and social token.
Specifically, Chingari has reportedly finalized a $19-million funding round to introduce its mainnet, as well as carrying out a token sale for its Solana-powered GARI token in November this year.
Chingari co-founder and current Head Sumit Ghosh reportedly revealed that the token sale is slated to roll out on November 2nd, while the mainnet roll out and application integration are scheduled to be completed towards the end of the same month.
The fundraising round – which was collaboratively led by many high-profile blockchain investing entities, like Republic Crypto and Mike Novogratz’s investment outfit, Galaxy Digital – reportedly witnessed the participation of more than 30 venture funds and individual investors, nominally Sam Bankman-Fried’s Alameda Research, Solana Capital and Kraken crypto exchange.
Ghosh further shared that the $19-million funding was finalized with the assistance of a GARI token raise in one seed round and one private round. The raises took place after two initial equity rounds, where Chingari successfully obtained $1.3 million last year, and $13 million in April 2021.
Per Ghosh, Chingari’s blockchain platform will reportedly offer users the ability to acquire tokens for creating or watching content, with the goal to replicate what Axie Infinity pulled off for gaming for social media.
“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.