Chingari raises $19 mn, picks Solana blockchain for its crypto token

New Delhi, Oct 8 (IANS) Short-video platform Chingari on Friday said it has raised over $19 million that will help it build its token called '$GARI' with Solana, the fastest-growing ecosystem in crypto technology.

Some of the 30 crypto firms that participated in the Chingari funding round include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners and others.

"While Crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream. We are infusing the two, through robust strategies and incorporation of the most-promising industry advances," said Sumit Ghosh, CEO and Co-founder of Chingari.

Since its redesign in June 2020, many new apps such as Chingari, Roposo and Trell worked to fill the vacuum created by TikTok's ban in India.

Chingari is one of India's leading short-videos sharing platforms with over 78 million downloads and 30 million monthly active users.

"Collective ownership of social platforms like Chingari has the potential to upend the creator-platform relationship and unlock new monetisation models for creators," said Raj Gokal, COO of Solana Labs.

"The Solana blockchain's high throughput, low transaction fees, and fast finality make it a great foundation for platforms targeting global adoption," he added.

With the funds, the short-video sharing platform will test blockchain live, Chingari integration beta and the upcoming $GARI token sale.

The token is a critical piece of the platform, enabling creators to set up their own e-commerce space that includes physical merchandise, their NFTs (non-fungible tokens) creations, and the ability for fans to fund their favourite artists.