Salman Khan Launches India’s First Social Crypto Token, Spark’s ‘$GARI’

The Indian short-video sharing platform recently completed a funding round of over $19 million from 30 venture funds and individual investors. The funding will help the startup form ‘$GARI’ with Solana, a rapidly growing ecosystem in crypto technology.

Using the funds, the company will test Blockchain Live, the Spark integration beta, and the upcoming $GARI token sale. Some of the largest firms that participated in the funding round include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures included. , Afton Capital, and CSP DAO, among others.

With the launch, $GARI aims to transform the creator ecosystem of the Indian sub-continent, enabling creators to establish their own e-commerce space that includes physical merchandise, NFT creation, and their favorite artists for the fan community. Include the ability to fund.

Salman Khan, Brand Ambassador of Chingari says, “Producers are shaping the future of entertainment. With the inclusion of the GARI Rewards programme, makers will be further inspired to create new and more engaging videos on the Spark app. It’s going to be an interesting journey here.”

With the launch of $GARI, Spark is poised to become the trailblazer of the social infotainment platform and will be at the forefront of the Indian crypto blitzkrieg, said Sumit Ghosh, Chief Executive Officer and Co-Founder, Spark.

“Spark is the go-to destination for young millennials including some of the best creators in the country. While the creator economy is growing and creators are becoming a key force in this revolution, we believe that creators should be in charge of how the platform is shaping up. With the launch of $GARI, we are putting decision-making powers back in the hands of users and enabling content monetization to become more mainstream in India. Spark’s blockchain platform will allow users to earn tokens for creating or viewing content. The idea is to monetize the talent of the creators with ethical wealth and empower them through a social platform. Spark wants to make this vision possible with its token $GARI. We are sure that $GARI will be an important invention for the Indian digital and maker economy.” elaborates Sumit Ghosh.

Founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Vishwatma Nayak, Spark lets users download short videos and shop for merchandise within the app, among other things.

Instagram Reels’ Bengaluru-based rival, MX Takatak, Josh & Moz, has 50 million monthly active users and 78 million downloads so far. After the ban on TikTok, the app gained more traction among Indians due to higher demand from local companies.