Chingari's native crypto token sees $100 mn of trading volume in a day

Short video app Chingari’s crypto token (GARI) saw trading volume hit $100 million in the first 24 hours of its listing on crypto exchanges on January 18, the company said.

The market capitalisation of the token currently is $31 million. The 12 crypto exchanges on which it was listed include HUObi Global, FTX, KuCoin, Gate.io, MEXC Global, and OKEx. 

Sumit Ghosh, CEO and co-founder of Chingari, said, “$GARI is moving towards its vision to entrust the content curator community. Cryptocurrency in India has been untapped when it comes to the curators and with $GARI we would be capturing the potential market. With such a great milestone, we shall be maintaining the leadership position across the short video apps platforms.”

The blockchain platform would not not only enable creators to monetise video content but allow users to obtain tokens for viewing content. In October last year, Chingari launched $GARI along with its brand ambassador Salman Khan. 

The company recently announced a Series A extension round of $15 million. With over 110 million downloads of the app, Chingari has seen a two-fold increase in its number of users since April 2021. With more than 35 million monthly active users (MAUs) currently, the app is now looking at various ways to increase user engagement on the platform from across India. It is looking at further growing its user base to more than 200 million by the end of 2022.