Chingari’s crypto token raises $40 million within 24 hours of its live sale

New Delhi: Brief video app Chingari on Thursday introduced that its first-ever crypto token ‘GARI‘ raised $40 million inside 24 hours of its stay sale on Republic platform.

Republic is a crowd-equity platform that provides investments in startups, actual property, gaming and crypto.

“GARI has been designed to empower the creator group with content material monetisation alternatives. The token is constructed on Solana – one of many largest & quickly rising blockchains globally,” the corporate stated in a press release.

Just lately, the agency accomplished a
funding round of over $19 million from greater than 30 enterprise funds and particular person buyers.

Based in November 2018, Chingari lets customers obtain and add quick movies and store for merchandise inside the app, amongst different issues. The Bengaluru-based rival of Instagram Reels, MX Takatak, Josh and Moj boasts of fifty million month-to-month energetic customers and 85 million downloads up to now and the co-fouders are assured that it is going to be India’s quickest rising ‘Social Token App‘.

Since its redesign in June 2020, Chingari labored to fill the vacuum created by TikTok’s ban in India. Ever since, the variety of Chingari customers is claimed to have elevated exponentially.