Chingari kicks off crypto experiment with in-app wallet launch
Chingari’s founders hope it will kick-start a new era for the app while introducing the world of crypto to millions of Indians for the first time.
Social media’s biggest ever experiment with the world of cryptocurrency officially kicked off today with the availability of the $GARI wallet in the Chingari mobile app.
Chingari is the Indian TikTok, a short video sharing platform with over 200 million downloads and more than 35 million monthly active users and it has now become the biggest social media platform yet to embrace the world of crypto.
The platform’s native $GARI token, built on the Solana blockchain for fast transaction speeds and low costs, debuted in October and has rapidly become one of the most sought-after cryptocurrencies.
Supported by Bollywood superstar Salman Khan, $GARI has raised millions of dollars in funding and saw more than $100 million in transaction volume within hours of its debut on crypto exchanges FTX, Kucoin, Huobi, Gate.io, OKEx, and MEXC Global earlier this month.
Chingari wants $GARI to drive a flourishing in-app economy that it believes will foster the creation of many new kinds of innovative content on its platform.
The idea is that users can “tip” creators if they appreciate their videos, while simultaneously also earning $GARI tokens for watching them. Further, creators will be able to wrap exclusive content as NFTs and sell them on an up-and-coming marketplace.
Moreover, they’ll be able to sell physical merchandise through the Chingari app in return for $GARI tokens that can be traded for other cryptocurrencies.
So the launch of Chingari’s in-app wallet is a big deal, giving the platform’s users a way to send and receive $GARI tokens securely. Chingari’s founders hope it will kick-start a new era for the app while introducing the world of crypto to millions of Indians for the first time.
Chingari co-founder and CEO Sumit Ghosh said $GARI will also enable users to boost their profiles in return for tipping others, gain governance rights that give them a say over the platform’s future direction, and experience many other new features.
“With this, we also move in the direction of being a project with the highest on-chain users,” Ghosh added. “We are very excited to launch the in-app wallet of Chingari and give the users a revamped app with loaded features.”
Chingari has already tested the wallet’s capabilities through a limited test launch last month that saw around 500 users took part to ensure the update works without problems.