BlocksInform
One of the world's largest cryptocurrency exchanges, OKEx, has invested in the Chingari short video platform which announced the raising of $15 million in a round of financing.
In the context of okex's strategic investment in chingari, the gari startup's native token will be listed on the stock market on january 18th. five other crypto exchanges are put to list the token on the same day.
OKEx’s Undisclosed Investment in Chingari
According to the report, the extended Series A funding round for the Indian video application, Chingari, was led by Republic Capital. Other attendees at the fundraiser were onmobile, jpin venture catalysts, hill harbour. Following the latest developments, Chingari has so far raised total funds of $28 million. Okex made an undisclosed investment as well.
The company stated that the fresh capital will be deployed to speed up the technology on the app, deploy new features, emphasis on artificial intelligence and machine learning space (ai/ml), and grow his team. In addition, the fund will also be used to scale up the company's marketing initiatives to cement the brand's reach in the country's non-metropolitan cities.
In April 2021, Chingari announced the collection of 13 million dollars in a pre-series conducted by onmobile global. In addition, the startup also plans to launch its live streaming, commercial and audio chat capabilities. These releases are intended to help creators to foster their engagement rates with the viewers and also pave the way for high-profile brands and firms to join forces with the app and its creators.
GARI will make its debut simultaneously on 6 scholarships.
More recently, Chingari raised $19 million in crypto tokens from venture capital funds and private individuals, including Solana Capital and Kraken Cryptographic Exchange.
A press release shared with CryptoPotato informed that OKEx will list Chingari’s native crypto, GARI, on its platform on January 18. Meanwhile, Gari is preparing to make its debut on five other international exchange platforms – ftx, huobi, kucoin, gate.Io, mexc overall, same day.
The company's main goal is to stimulate a digital economy by enabling its users to get the gari tokens by creating or watching content on the platform. With the latest development, Chingari joins the list of many social media applications that hit on the cryptocurrency industry.
CEO Sumit Ghosh claimed that the company brings the Web 3.0 revolution to the creative economy with the help of its native crypto GARI. The exec also added:
“GARI will enable 30 million monthly active users of the Chingari Short video app to get on-chain. For the first time in the history of the blockchain, an application will embed millions of users on the channel from the day of its launch. The teams from Chingari and GARI, as well as the whole community, are very excited about its launch and registration."
