Chingari has revealed plans to launch its native cryptocurrency $GARI token via an initial decentralized offering (IDO) on the Solana-basedSolRazr launchpad. The IDO is scheduled to run from December 15 to December 18, 2021, and the team plans to raise $16 million via the event.
Chingari Launches $GARI IDO
Chingari ($GARI), India’s leading social media platform designed to enable users to create and share short videos, play games, shop for merchandise, and more, has decided to launch its native cryptocurrency despite the regulatory uncertainties still surrounding the country’s crypto ecosystem.
Building upon the success of its previous fundraisers, which has so far generated a total of nearly $30 million from early investors, the Chingari team is now set to officially roll out its IDO on Solana’s SolRazr launchpad from December 15-18, 2021, with the aim of raising $16 million.
“The previous token sales have created a lot of enthusiasm and demand for $GARI. Such is the interest that Chingari is expecting to raise $16 million through this IDO, which would make it the world’s largest raise to date on a decentralized launchpad,” wrote the team.
Chingari Blazing the Trail
Since its launch in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, the popularity of the Chingari app has skyrocketed, making it the number one short video sharing app in India. Chingari now boasts more than 85 million downloads and over 32 million active users.
Having initially unveiled the $GARI token during a public event hosted by its brand ambassador, Bollywood superstar, Salman Khan earlier last October, the team firmly believes that the IDO will stimulate further interest in crypto among its users base, while also accelerating the Web 3.0 awareness and decentralized autonomous organization in the region.
$GARI is powered by the Solana blockchain and the team says it would give holders the power to partake in key decision-making processes of Chingari, empower creators to set up their own e-commerce spaces where they can sell physical merchandise, create non-fungible tokens and enable fans to fund their favorite artists.
Commenting on the new milestone, Tariq Wali, Chief Technology Officer at Chingari said:
“The Internet was the closest innovation to what’s happening in the crypto world now – the society moving to a world powered by cryptographic truth through the advancement of Web 3.0. Paradigm shifts like this happen once in centuries.”
The Chingari team hopes the introduction of the $GARI token will significantly boost India’s creator economy and make content monetization more mainstream in the region.