$GARI, India's First-Ever Crypto Token: Major Things To Know

The price of Bitcoin is hovering around $61K, despite new fears about the viability of the actual Bitcoin ETF. On Friday, the Securities and Exchange Commission (SEC) approved bitcoin futures ETFs, a first for the market, following a meeting of the regulator's five commissioners.

$GARI

Salman Khan, the Bollywood actor, introduced $GARI, the first-ever crypto-token by Chingari, a made-in-India short video application, on Saturday. Khan will also serve as the social token's brand ambassador.

In a tweet, he announced his engagement with the app as a brand ambassador for its NFT marketplace and token incentive programme, as well as the first-ever crypto-token established by micro-content, short video platform Chingari.

Chingari, which currently offers customised videos, an extensive song library, hyper-realistic AR filters, and content in more than 20 languages, has reportedly become India's first social network to issue crypto tokens, with around 50 million monthly active users and nearly 85 million downloads to date.

According to the company, $GARI will allow content creators on the Chingari app to create their own ecommerce area, which will include actual items, develop NFT projects, and help consumers fund their favourite artists.

Chingari recently revealed that it had raised over $19 million (approximately Rs. 142.5 crores) in a round of fundraising from more than 30 venture funds and individual investors. According to the business, this round of funding will aid in the development of $Gari and the Solana blockchain.

The cash will also be used to help content creators on Chingari's platform monetize their work, according to the company.

Chingari, which launched in November 2018, allows users to download and publish short movies as well as purchase for products within the app. The Bengaluru-based app has a monthly active user base of 50 million and 85 million downloads to date.