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Chingari, a video app, has raised $19 million in cryptocurrency tokens from 30 venture capital firms and private investors. These funds will be used in the development of its own currency, $GARI, in collaboration with Solana’s decentralized computing platform, which is generally based on blockchain technology.
The money will be used to expand the infrastructure for the Indian startup’s $GARI token, which allows producers on the platform to set up an e-commerce site for their physical products, non-fungible tokens (NFTs), or direct payments from fans.
Chingari raised $19 in Solana blockchain:
$19 million raised in crypto by a group of high-profile investors. Chingari’s funding included Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures, Black pine, NGC, Coinfund, LD Capital, 11-11 Ventures, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO.
This announcement comes as the Chingari app’s user base continues to increase at an exponential rate. This statistic has crossed the 80-million-user mark in the previous six months. Launched in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, the Chingari app just won the Indian government’s “App Innovation Challenge.” Chingari app, based in Bangalore, India’s Silicon Valley, has one of the top metrics among regional social media platforms.
CEO of Chingari Sumit Ghosh stated:
“The future of a platform lies in its creators. On one side, we have an immense talent pool that needs to be explored and rewarded with an ethical amount of monetization. On the other side, 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.”
The $19 million was raised using a GARI token raise in one seed round and one private round. According to Chingari app CEO Sumit Ghosh, users will receive $GARI tokens if they view or post a video. These tokens may then be used to gain access to a creator’s exclusive material or purchase a voice or video chat with a creator.
Individuals may also use $GARI to buy or sell videos on the site, which will be converted into NFTs on the Solana blockchain. Chingari feels that these tokens are an essential component of the platform because they will allow producers to build up their eCommerce area with actual products, non-fungible tokens (NFT), and the opportunity for fans to finance their favorite artists.
Chingari chose the Solana blockchain for funding:
Solana is a protocol designed for both casual and business users. According to Solana’s key pledges, customers would not be shocked by higher fees and taxes. The protocol is meant to be scalable and fast while retaining low transaction costs. This makes SOL a pretty good long-term investment with a lot of growth potential.
The Solana price point to a bullish outlook, making it an excellent choice for long trades in the crypto market.
As a blockchain, Solana offers several ground-breaking features that contribute to its status as one of the world’s most performant platforms.Chingari invested in Solana blockchain due to these exceptional features:
- Solana is ultra-fast and low cost
- As part of its Programs, it does not use any state (Ethereum stores the state, making it quite slower)
- On-chain clock verification is just available (for the trusted timestamps, rather than the block height)
- Transactions are streamed without the need for global agreement (without sacrificing security)
- Minimizes data packets and sends them via UDP (lower memory requirements)
- Removes the mempool from the system (By forwarding unconfirmed transactions to upcoming validators)
Crypto fundraising - Future is here:
In recent years, Cryptocurrency has received a lot of media attention, but it’s also been treated with criticism. When online payments were initially launched, however, they were viewed negatively as well. People eventually got close to transacting in this manner, and almost every shop today requires online payments.
Charities that realized the potential of this technology and acted quickly could reap the rewards of being early adopters in this field. Cryptocurrency is still gaining popularity.
As a result, even something which is as basic as giving individuals the option to donate is becoming increasingly essential. The organizations that take the time to get to know the crypto community, on the other hand, will witness unprecedented significant donations.
Cryptocurrency fundraising is beneficial because:
- Access to a broad global audience is one of the key advantages for organizations accepting cryptocurrency funds.
When compared to foreign donations in fiat currency, crypto fundraising can make transferring money across borders considerably easier and faster.
Once a transaction is completed, it can never be changed.
Because the value of cryptocurrencies tends to rise over time, much like the value of an investment, they may be a valuable asset for a company that can hold onto its cash for a period of time.