Chingari co-founder and CEO Sumit Ghosh says, "What Axie Infinity did for gaming, we aim to achieve for social networking." A blockchain network and social token are being developed by the Indian short-video sharing company Chingari.
Chingari said on Friday that it has raised $19 million in financing to launch its mainnet and perform a token sale for its GARI token based on Solana in November.
Chingari's CEO and co-founder Sumit Ghosh said that the token sale will take place on November 2nd, and the mainnet launch and application integration will be live by the end of the month at the latest.
There were more than 30 venture firms and individual investors involved in the latest fundraising headed by prominent blockchain investors such as Republic Crypto and Mike Novogratz's investment company Galaxy Digital.
A GARI token raise in a seed round and a private round raised the $19 million, according to Ghosh. Chingari previously raised $1.3 million in equity in 2020 and $13 million in April 2021. These new funds were obtained as a result of two further stock offerings.
Chingari's blockchain technology, according to Ghosh, would enable users to earn tokens for producing or viewing content. "We want to accomplish for social media what Axie Infinity done for gaming," he added.
There's a lot of strength in the notion that many individuals may earn a little bit of money while also improving their lives by using a social platform, according to the CEO.
Some companies, like Chingari, have attempted to fill the gap left by India's decision to ban the short video-sharing app TikTok earlier this year. As a result of the prohibition, Chingari says its user base increased from 100,000 to 50 million in only six months' time.
Chinese social media company TikTok announced its first entry into the nonfungible token market at the end of September, part of a growing trend of social media companies entering the crypto industry. There was a time when Twitter allowed its users to tip each other in cryptocurrency (BTC).
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