Homegrown short-video platform Chingari says it is planning to launch its own crypto token, called $GARI. The company announced a $19 million token round today.
A token round is where investors invest in a startup by buying tokens of the project directly, which in this case is $GARI. The $GARI coin will be built on the Solana blockchain network, an up and coming cryptocurrency that is often seen as a competitor to Ethereum.
It included a total of 30 venture funds, US-based Kraken crypto exchange and Solana Capital, a crypto company that builds decentralized apps on the Solana blockchain.[Via]