Indian short-video sharing platform Chingari is preparing to launch its own blockchain network and social token.

Chingari has completed a $19-million funding round to launch its mainnet and conduct a token sale for its Solana-based GARI token in November, the firm announced on Friday.

Chingari co-founder and CEO Sumit Ghosh said that the token sale is scheduled for November. two, while the mainnet launch and application integration are expected to accept gone live by the end of that month.

Co-led by major blockchain investors such as Republic Crypto and Mike Novogratz's investment firm, Galaxy Digital, the new heighten included over xxx venture funds and individual investors, including Sam Bankman-Fried's Alameda Enquiry, Solana Capital and Kraken crypto substitution.

Ghosh stated that the $19-1000000 funding was completed via a GARI token enhance in one seed circular and ane private round. These raises followed 2 equity rounds where Chingari raised $1.3 million in 2022 and $13 million in April 2022.

Co-ordinate to Ghosh, Chingari's blockchain platform will allow users to obtain tokens for creating or watching content. "What Axie Infinity did for gaming, we want to exercise for social media," he said.

"The idea that a lot of people can make a pocket-size amount of money and uplift themselves by participating in a social platform is very powerful and Chingari wants to make this vision possible," the executive added.

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Since India banned TikTok earlier this year, a number of firms — including Chingari — have tried to fill the void for brusque video-sharing apps in the subcontinent. Following the ban, Chingari claims that its user base grew from 100,000 to 50 million people in six months.

Social media firms are increasingly moving into the crypto industry, with Chinese social media behemothic TikTok announcing its get-go foray into the nonfungible token manufacture in late September. Previously, Twitter enabled its users to tip each other using cryptocurrencies such as Bitcoin (BTC).