Chingari, the short video app which gained popularity after the Indian Government banned Tik Tok, has raised over $19 million in crypto tokens from almost 30 different venture funds and individual investors. As of now, Chingari has been downloaded more than 78 million times. The app announced that they have raised the capital funds as Stablecoins, which operate under USDC and Tether. Chingari said that Stablecoins are less volatile and are also backed by US dollars.
However, the company has very different plans. Chingari announced that they would use the raised funds to launch their own currency token called $GARI with the help of the computing platform Solana. The company said that these tokens would help the platform grow creator monetisation. Chingari said in a statement, “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.”
Chingari further said that these tokens will play a vital role in the platform as it will allow the creators to earn money through merchandising and setting up their own e-commerce space. This also gives the users the ability to fund their preferred artist. The app further said, “The token is a critical piece of the platform, enabling creators to set up their e-commerce space that includes physical merchandise, their NFT creations and the ability for fans to fund their favourite artists.” It added, “The future of a platform lies in its creators. On