- According to Chingari, a short-video sharing site, venture capital firms and individuals have invested $19 million in cryptocurrency tokens in RepublicCrypto, Solana Capital, and Kraken, a cryptocurrency exchange in the United States.
- The money will be used to help Solana develop its SGARI coin, which is one of the most rapidly emerging crypto technology ecosystems.
- A live blockchain test, a Chingari Integration beta, and a $GARI token sale are all planned for the future with the money raised.
- The company has adopted a creator-centric business approach to keep the platform’s approximately 80 million users interested and engaged.
RepublicCrypto, Solana Capital, and Kraken, a cryptocurrency exchange in the United States, are venture capital firms and individuals who have invested $19 million in cryptocurrency tokens in Chingari, a short-video sharing platform, according to the company. Following the firm, the funds are comprised of USDC, Tether, and other Stablecoins, among others. Stablecoins, such as USDC and Tether, backed by the US dollar, are less volatile than other cryptocurrencies.
A mobile application built by Sumit Ghosh and Deepak Salvi with Aditya Kothari and Biswatma Nayak, called Chingari, was released in November 2018 and allowed users to download and submit short films, in addition to making purchases of various things. Compared to Instagram Reels’ Bengaluru-based rival, MX Takatak, Josh, and Moj’s application claims to have 30 million monthly active users and has received 78 million downloads so far, according to the business.
Solana, one of the most rapidly developing crypto technology ecosystems, will use the funds to help the company build its ‘$GARI’ coin. Chief executive officer and co-founder of Chingari, Sumit Ghosh, said,” 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.”
Using the funds collected, the firm plans to conduct a live blockchain test, a Chingari Integration beta, and a $GARI token sale shortly. He went on to explain that Social Tokens would be the future of community platforms for monetizing creators. It’s breaking new ground right now.
In addition to Republic Crypto and Galaxy Digital, some of the largest companies in the funding round were also involved. These include Alameda Research, Solana Capital and Valor Equity Partners, Kraken, and Black pine. Other participants include NGC and NGC.coinfund.com, as well as the LD Capital and Borderless Capital funds.
The number of new apps is growing all the time. have stepped in to fill the void left by TikTok’s ban in India since its redesign in June 2020. It’s been six months since 100,000, 1 million, 10 million, and now 50 million people have used Chingari. The number of people using Chingari has expanded tremendously since then. Growth is fueled by a creator-centric business strategy that attracts and engages the platform’s over 80 million consumers.
“Collective ownership of social platforms like Chingari has the potential to upend the creator-platform relationship and unlock new monetization models for creators,” stated Raj Gokal, COO of Solana Labs.“Solana blockchain’s high throughput, low transaction fees, and fast finality make it a great foundation for platforms targeting global adoption.”
About Chingari’s founder Sumit Ghosh
Sumit Ghosh, co-founder, and CEO of Chingari is a self-described geek and proud Indian who enjoys poker, fast cars and has a giant mural of Microsoft co-founder Bill Gates in his office.
Chingari, a short video sharing mobile application developed in India and co-founded by a trio of Indian technology wizards led by CEO Sumit Ghosh, is well-positioned to be the next big tech success story, following a sudden influx of over 15 million new user downloads in the aftermath of the Indian government’s TikTok ban.
Ghosh is identified as a geek – he even included the term in his Facebook bio. Additionally, his professional history and background reveal that he has always been a technology enthusiast and enthusiast for software engineering and computing. Ghosh began his career as a software engineer with Tata Consultancy Services before founding and leading Globussoft, an information technology and software services company.