“TikTok Web3 version” Chingari to Partner with Aptos Blockchain for Expansion and Security, GARI Token Price Up
Chingari – a social video network similar to Tik Tok – will soon be on the Aptos blockchain following a recent investment has been written. According to an announcement on 08/02, the India-based decentralized social video network Chingari will partner with the Aptos blockchain as its infrastructure.
Taking a giant leap towards onboarding the FIRST billion on-chain users, @Chingari_IN has chosen @Aptos_Network as its preferred L1 #blockchain🚀
This will usher in a new level of efficiency & security for Chingari app😍
Here’s a TLDR on the significance of this partnership pic.twitter.com/ftVTnyz6Q6
— Chingari, Leading Web3 Social Media🔥 (@Chingari_IN) February 8, 2023
The Block reported that the announcement was part of an investment between Aptos and Chingari, though neither party has confirmed or clarified the details. Initially, the “TikTok Web3 version” was launched in 2018 on Solana and currently has 5 million daily users and over 200 million videos.
According to Crunchbase, Chingari has raised over $88 million from major investors such as Kraken, Republic Crypto, and Galaxy Digital… sharing with Forbes, Chingari CEO and founder Sumit Ghosh revealed that they will be ramping up hiring at a time when many other Web3 companies are pulling back.
The platform is expected to transition itself into a multi-chain by the second quarter of this year. Being combined with Aptos is a source of pride for the social network, the announcement wrote. However, Chingari will continue to support Solana users.
Sumit Ghosh said that the partnership is a stepping stone for the app’s expansion plans in the near future as well as creating favorable conditions for transactions and enhancing platform security.
The Chingari GARI token has seen its highest price of 0.8 USD, just a few minutes after the news of the partnership was announced. At the time of writing, the token is trading around the 0.072 USD mark, according to Coingecko.
As AZCoin News reported, decentralized social networks have emerged to give content creators more power and remove barriers imposed by an individual or organization. This goal is further evidenced by Elon Musk’s takeover of Twitter and his series of seemingly whimsical decrees.
Many decentralized social networks such as Lens Protocol and Damus are currently gaining a lot of attention from users.
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