Web3 Social Video App Chingari Partners With Aptos Blockchain

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Indian social video app Chingari has announced a partnership with Aptos blockchain to support its Web3 products. The collaboration, which is expected to launch in the second quarter of 2023, will expand Chingari's Solana-native platform to multiple blockchain systems. 

The updated version of Chingari in Aptos will offer a more efficient and scalable experience with new products while still supporting Solana-based Chingari users.

Additionally, Aptos Labs has made an investment in Chingari in the form of equity. According to a press release, the new funds will be utilised by Chingari to expand its user base, develop new products, increase its engineering efforts, and pursue global expansion.

Sumit Ghosh, CEO and co-founder of Chingari, said that the partnership is a step in the right direction for the app's plans to expand to new markets in the near future.  

"Aptos Labs comes with immense experience and we will leverage their expertise in building and scaling social media platforms. The partnership with Aptos Labs will pave the way for a strong foundation & case study in the Indian web3 ecosystem prior to expanding towards newer markets in the near future. This is a significant partnership that Chingari will forge to onboard the first one billion on-chain users," said Sumit.

The partnership between Chingari and Aptos blockchain aims to enhance the platform's capabilities in transactions, speed, and security. 

After the announcement of the partnership between Chingari and Aptos blockchain, the value of Chingari's crypto, GARI, increased significantly by approximately 50 percent, reaching a peak of 8 cents. Currently, the token is trading at $0.0643.

Presently, the Chingari app is accessible to users in India, the UAE, Indonesia, Turkey, and the United States.  

Chingari reported earnings of $6.4 million in the financial year 2022 and $700,000 in the first month of 2023.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash