India’s short-video clip sharing system Chingari has raised $19 million for its token spherical from popular crypto investors, including Sam Bankman-Fried’s Alameda Investigation, Kraken, Galaxy Digital, Solana Funds and Republic Crypto.

  • Launched in 2018, Chingari is a very well-recognized video application that has developed promptly right after well-liked social media platform TikTok was banned in India in June 2020. Chingari now has 30 million every month active end users and 78 million downloads, according to the firm.

  • The cash will be employed to carry on improvement of the Chingari system and to launch the $GARI social token on the Solana blockchain.

  • The token is a “critical piece of the platform” that will help creators to set up their personal e-commerce spaces that contain physical products, make non-fungible tokens (NFTs) and enable lovers to fund their beloved artists, the corporation stated.

  • “The long run of a platform lies in its creators. On one particular facet, we have an enormous talent pool that requirements to be explored and rewarded with an ethical amount of money of monetization. On the other aspect, while crypto ordeals a immediate expansion in India, $GARI is poised to make it mainstream, reported Sumit Ghosh, CEO of Chingari, in a statement.

  • Other noteworthy buyers in the funding round include BlackPine, NGC Ventures, CoinFund, LD Funds, Borderless Capital, AU21 Funds, Cultur3 Cash, Extended Time period Ventures, Afton Cash and CSP DAO.

Study far more: Indian Investments in Crypto Have Exploded: Report

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