Aptos Lab, a Layer 1 blockchain development company is making a move into the web3 social space through an equity investment with a social media app and the Gari Network’s blockchain-based ecosystem extension. Chingari, a short video sharing app launched in 2018, operates on a blockchain technology similar to TikTok.
Going with the equity investment, the short video social media app will have Aptos as its preferred Layer 1 blockchain. According to the video app compay release, Chingari has a strong user base in India with over five million daily active users and over 200 million daily video views.
Existing Chingari users should note that their wallets, rewards, and incentives will still be accessible through Solana, Chingari said. Chingari also stated that it will “continue to support community-built decentralized apps that operate on Solana blockchain, recognising the importance of the ecosystem & wanting to ensure that it continues to grow & thrive, even as it expands toward the Aptos network,” Chingari said.
The Aptos CEO and co-founder Mo Shaikh highlighted Aptos features as Chingari’s interest in working with the Lab. He said, “Chingari was looking for the speed, safety, and scalability of the Aptos network to support their millions of users – and to onboard millions more in the future.”
The Chingari CEO and co-founder Sumit Ghosh mentioned that the company chose Aptos “after intense months of technical due diligence and evaluation of the Aptos blockchain,” and would launch the latest version of the app on Aptos expected to go live in Q2 2023.
Chingari launched as a web2 platform however switched to web3 and has a crypto token, GARI serving as its utility token. GARI was deployed on the Solana network and is used for reward and governance votes.
Data from Crunchbase revealed that Chingari has raised over $88 million from investors like Kraken, Republic Crypto and Galaxy Digital. Moreso, Chingari is looking to strengthen its presence in India via the new partnership and reach other markets.
The company believes that moving to Aptos will allow creators to own their content and be duly rewarded. Chingari’s CEO told Forbes the company would move to hire even at a time when other web3 companies are hesitating to make moves.
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