Chingari, a short-form video app recently launched its native crypto token. Named ‘GARI’, the token managed to raise a whopping $40 million in the first 24 hours after it went live for sale. The sale happened on the crowd-equity platform Republic, which is well-known for offering investments in a variety of sectors such as crypto, gaming, real estate, and startups.
The company released a statement supporting GARI’s live sale which stated that the token’s aim is the empowerment of the community of digital content creators. Through the token, content monetization opportunities are set to skyrocket. Another plus point of the token is the blockchain its built on – Solana. In terms of blockchain tech, Solana is one of the most rapidly growing names around the world.
Chingari recently secured more than $19 million in funds in a funding round. The round saw investments in the company from numerous individual investors and venture funds.
The app dates back to 2018 and its features include allowing users to upload and download short-form videos. The app has some interesting additional features as well. For example, users can do merchandise shopping on the app.
Presently, the app is competing with a whole host of short-form video apps such as MX Takatak, Moj, Josh, and Instagram Reels. Its userbase has expanded quite rapidly in recent times, and every month, the app sees 50 million active users. Downloads from the app have recently crossed the 85 million mark as well.
Many of the app’s supporters believe that in terms of ‘social token apps’, Chingari will go on to become the fastest growing in India.