Chingari’s ‘$GARI’, India’s first social crypto token launched by it’s Brand Ambassador Salman Khan
- ByStartupStory | October 18, 2021
Chingari, indigenous short video app, recently launched $Gari, an indigenous cryptocurrency token, on its platform in India on Saturday. The crypto token, launched by Chingari, is also launching its own NFT marketplace. $Gari will have Bollywood actor Salman Khan as its brand ambassador, who was also present at its launch event in Mumbai. The crypto token is developed in collaboration with Solana Blockchain. $Gari is being advertised as a social token, rather than a financial token, where creators will be able to accumulate coins based on their content.
Chingari was launched to compete with the banned Chinese app TikTok. Chingari CEO and co-founder Sumit Ghosh said that the platform will allow users to acquire crypto tokens for creating or viewing content. “The idea is to monetize the talent of the creators and empower them through a social platform. $Gari is designed to help content creators on Chingari create their own ecosystem by creating their own “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” the artists on the platform.
$GARI brand ambassador Salman Khan said in a prepared statement: “Producers are shaping the future of entertainment. With the inclusion of the $GARI reward program, makers will be further inspired to create new and more engaging videos on the Chingari app. It’s going to be an interesting journey here”.
Chingari announced that it has recently completed a round of funding and has raised over $19 million (approximately Rs 142.5 crore) from over 30 venture funds and individual investors. According to the company, this round of funding will help them further develop $Gari with the Solana blockchain. Chingari says that it will also use this fund to help content creators on its platform monetize their content. India’s short video app was established in November 2018 in Bengaluru. The app is compatible with platforms like Instagram Reels, MX Takatak, Josh and Moj.
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