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Chingari, an Indian video-sharing platform similar to TikTok, is gearing up for its first-ever social token sale for its $GARI tokens, which will be usable within the Chingari platform. The digital currency was launched several weeks ago with prominent Bollywood superstar Salman Khan serving as brand ambassador. Furthermore, Republic will lead the sale of the $GARI, having already brought $200 million to crypto firms so far.
Chingari is seeking millions of dollars from the public sale of its $GARI token to expand even further. As of October, this year, the platform has 85 million downloads and is further asserting itself among other social media platforms. Chingari came into existence after India banned TikTok, in addition to 59 other Chinese apps, claiming breach of user data. The platform amassed 10 million app downloads just days after its initial launch.
Chingari recently raised $19 million from a private fundraising round in early October that included participation from some notable investors. They included Republic Crypto, Alameda Research, Kraken Ventures, and Galaxy Digital. The social media company intends to use the aforementioned sum and the projected $GARI income to bankroll some slated projects. These include further developing the Chingari app features and building user engagement across the globe to rival TikTok itself.
Image Credits: Pixabay
