The Indian app for short videos called Chingari raises $19 million in crypto tokens to launch its own crypto token.
Short video app Chingari which has over 78 million downloads — has raised $19 million in crypto tokens from 30 venture funds and individual investors
The funds consist of stablecoins, USDC and Tether, the company said. A stablecoin is a less volatile cryptocurrency, USDC and Tether are backed by the US dollar.
The company will use this capital to build its own token called $GARI with the decentralized computing platform Solana, which is powered by blockchain technology. These tokens would further help the platform grow creator monetization.
“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,” Sumit Ghosh, co-founder, and chief executive of Chingari, said in a statement.
Founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, Chingari has raised $33 million to date. It is backed by Republic Capital, Astarc Ventures, JPIN, OnMobile, and others. It launched video commerce vertical in February this year to provide a monetization engine for creators on its platform.