Trading volume of GARI token on the 1st trading day exceeds USD 100 million

Mobile video-sharing app Chingari’s social token was made available to international traders on Tuesday.

India-based short video apps company Chingari launched its native token GARI on the international stage earlier this week. The token quickly attracted interest from millions of people on day one, with trading volume eclipsing $100 million in a matter of hours, according to an announcement by Chingari.

Chingari launched GARI last October as part of an effort to bring a cryptocurrency element to the world of digital content creation. Popular actor, producer and TV star Salman Khan acted as the brand’s ambassador during the launch. In December, Chingari announced its launch plans for the first DEX offering on SolRazr.

Take the market by storm

This week, the token arrived simultaneously on more than 10 (six of them worldwide) crypto trading platforms including KuCoin, FTX, Huobi Global, and OKEx. The other centralized exchanges are Bitbns, BTXEC, CoinW, BitMart, Hotbit, LATOKEN, and Zebpay.

Notably, OKEx participated in Chingari’s expanded Series A funding round , which raised $15 million as a strategic investor. Also participating in the Republic Capital-led fundraising were JPIN Venture Catalysts, Hill Harbor and telecommunications company Onmobile.

Founded in 2018, Chingari only recently became a popular video application after India banned China-based video-focused social network TikTok. The ban, combined with Chingari’s incentive-based model and openness, helped establish the application as the ideal replacement.

Named “Indian TikTok”, it became “India’s Top Application on Google Play Store” last year. The video app has been downloaded more than 110 million times and has an estimated active user base of 35 million. Last April, Chingari announced that it had closed a $13 million pre-Series A round, bringing funds raised to $28 million.

GARI benefits creators and other Chingari users

GARI has a limited supply of 1,000,000,000 tokens, of which 45,800,000 are in self-reported circulating inventory according to Coinmarketcap. Chingari intends to integrate the token into the app as a form of monetization, allowing users to seamlessly tip creators.

“GARI will allow 30 million monthly active users of the Chingari short video app to get on-chain. For the first time in blockchain history, an app will bring millions of users on-chain,” said chief executive and co-founder Sumit Ghosh in a press release shared with CoinTelegraph.

Content creators on the platform are also rewarded with GARI tokens as an incentive. Notably, GARI is India’s first-ever social crypto token available for trading on global platforms.

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