Chingari incorporates native tokens to boost Web3 social networking

February 15, 2022

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Indian social networking forum Chingari has declared intentions to revolutionize the familiarity of its 100 million-user creator economy through the integration of native digital assets, $GARI, and supporting virtual currency wallets through the Solana blockchain. Translating into the word Spark in the terminologies of Urdu and Hindi — a branding visibly uniform with its flame icon —similar to the services of TikTok, Instagram Reels and YouTube Shorts, for its primary emphasis on short-timed, infinitely available video content.

Since April 2021, Chingari has collected capital from numerous raises, including a $13 million, a $19 million Series A led by Galaxy Digital and Republic Crypto, and a $40 million initial coin offering next month, assumed by a $13.37 million Series a continuation in the first month of 2022. The committee member noted that GARI, SPL, A Solana Program Library asset, will be utilized to relate and transact with their counterparties, position administration votes, and catalyze forum arrangement and user base improvement. The main aim is to entrust both creators and viewers on the Chingari App with tech tools to interact with each other and permit the users on the app to partake in a long run affecting GARI token. They also revealed the possible future projects of launching the NFT marketplace. Next to nation-wide problems over the regulatory expectations of the Securities and Exchange Board of India (SEBI) towards digital investments. Along with this, the Indian government has accepted a company attitude to condemn the acknowledgement of virtual currencies like Bitcoin (BTC) and Ethereum (ETH) as tools of legal tender.

At the time of writing, the GARI token rate has altered in a range-bound zone between $0.252 and $0.685 in the last two weeks. Next to last week’s achievement of marketing significance on several well-known exchanges, including FTX, Kucoin and Huobi, the asset now pursues to ascertain a level of vitality around the $0.51 mark. Upon interesting discussion into the prospect for a token airdrop for communities such as early adopters, top inventors, or possibly the 500 population members who partook in beta testing, the Chingari committee said.


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