Chingari aims to advance Web3 social networking by integrating Native token

Chingari, a social networking platform in India with 100 million users, has revealed plans to improve the experience of its creator economy by integrating a native digital asset, $GARI, and a crypto wallet via the Solana blockchain.

The Chingari user interface, which translates to ‘Spark’ in Urdu and Hindi — is frequently compared to mainstream Western entertainment services TikTok, Instagram Reels, and YouTube Shorts because of its primary focus on short-timed, vastly accessible video content.

The platform, which was started in 2018, has developed at an accelerating rate over the last several years, amassing over 35 million active monthly users to become the nation’s most popular mobile app on the Google Play store. Creators are praised for their entertainment across a variety of genres, including lip-synching, belly dancing, comic sketches, and fashion lessons, among others, as they do on TikTok.

Chingari secured several funding rounds recently

Chingari has raised money through a number of rounds since April 2021, including a $13 million corporate round on April 1, a $19 million Series A led by Republic Crypto and Galaxy Digital on October 8, and a $40 million initial coin offering (ICO) on November 4, which was accompanied by a $13.37 million Series A continuation on January 17 this year.

GARI, a Solana Program Library (SPL) asset, will be used to connect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth,” according to the team member.

“The goal is to empower both creators and viewers on the Chingari App with technological tools to interact directly with each other and allow all users on the Chingari App to participate in the long-term direction of the social economy impacting the GARI Token.”

The Finance Ministry of India recently said that the government and RBI have come to an agreement to onboard new proposed crypto rules, as TheCoinRise reported. The country has decided to impose a 30% crypto tax and a CBDC by 2022-23.