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Short-video making app <a href="https://www.businessinsider.in/business/startups/news/chingari-raises-19-million-in-crypto-tokens-to-launch-its-own-crypto-token/articleshow/86868155.cms" data-type="tilCustomLink">Chingari </a>on Monday announced it has raised $15 million in a Series A extension round. The platform said it will use the funds to enhance technology, launch new features and augment the tech team. The app is planning to soon launch its live-streaming, socio-commerce and audio chat features. With over 110 million downloads, <keyword id="12270967" type="General" weightage="20" keywordseo="chingari" source="Orion">Chingari</keyword> said it has witnessed a two-fold increase in its user base since April 2021. The short-video making app aims to take its user base to 200 million by the end of this year. "This new funding will further strengthen our position and help us deliver an immersive user experience for our community," said Sumit Ghosh, Co-founder and CEO, Chingari. With 35 million monthly active users (MAUs), the app is aiming to further increase user engagement by strengething local content portfolio with more than 20 languages on the platform. Republic Capital led the latest funding with participation from Onmobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs and other HNI family offices. The platform recently launched a crypto token ‘$GARI' to make content monetisation more mainstream in the country.

Chingari raises $15 million to enhance tech, launch new features

Bengaluru-based telecommunication firm <keyword id="113830" type="DOMAIN" weightage="20" keywordseo="OnMobile">OnMobile</keyword> has led a $13 million (nearly ₹95 crore) <keyword id="708591" type="UNKNOWN" weightage="20" keywordseo="Funding-Round">funding round</keyword> in homegrown short-form video <keyword id="235499" type="COMPANY" weightage="20" keywordseo="APP">app</keyword> <keyword id="40682" type="PERSON" weightage="20" keywordseo="Chingari">Chingari</keyword>, the companies announced on Thursday. As part of the deal, OnMobile will integrate and distribute its direct-to-consumer gaming platform, ONMO, on the Chingari app and collaborate on other mobile product integrations to serve millions of users. On the other hand, Chingari will use the funds to enhance its content portfolio, hire top talent and accelerate its growing user base. Chingari said that the investment will help it accelerate its growth from 56 million users to over 100 million users. "We couldn't have hoped for a better partner than OnMobile to help Chingari embody its vision and become a content super media app for <keyword id="6354582" type="LOCATION" weightage="20" keywordseo="bharat">Bharat</keyword>, and help engage a billion Indians," said <keyword id="337346" type="COMPANY" weightage="20" keywordseo="Sumit-Ghosh">Sumit Ghosh</keyword>, Co-Founder and CEO of Chingari. Earlier last year, Chingari had raised $1.4 million from a series of investors. "We are very excited about this investment and partnership bringing millions of users to the new ONMO gaming service while providing immediate business value and increased user reach for both companies," said François-Charles Sirois, Executive Chairman of OnMobile. Chingari allows its users to download and upload videos, chat with friends, interact with new people, share content, browse through feed, and much more. The platform is available in more than 10 vernacular languages along with English and Spanish. "The Chingari team has built a terrific product with great user retention and growth. ONMO gaming's short format challenges and Chingari's short-form videos complement each other well," said Krish Seshadri, CEO of OnMobile. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/paytm-money-set-to-hire-250-engineers-for-its-new-technology-centre-in-pune/articleshow/81813092.cms">Paytm Money set to hire 250 engineers for its new technology centre in Pune</a> <a href="https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms">Government withdraws interest rate cut on small savings schemes in a bizarre u-turn</a> <a href="https://www.businessinsider.in/stock-market/news/coursera-soars-23-in-trading-debut-following-4-3-billion-ipo/articleshow/81785440.cms">Coursera soars 23% in trading debut following $4.3 billion IPO</a>

Indian short video app Chingari gets $13 million cheque from Bengaluru-based telecommunication firm OnMobile

Bollywood superstar <keyword id="6354583" type="PERSON" weightage="20" keywordseo="salman-khan">Salman Khan</keyword> has invested in homegrown short-form video app <keyword id="40682" type="PERSON" weightage="20" keywordseo="Chingari">Chingari</keyword>, the company announced on Friday. With Salman as <keyword id="3123392" type="PERSON" weightage="20" keywordseo="global-brand-ambassador">global brand ambassador</keyword> and investor, Chingari said it is looking to augment its position as the market leader. The company, however, did not disclose the funding amount from Salman. The news came as Bengaluru-based telecommunication firm <keyword id="113830" type="DOMAIN" weightage="20" keywordseo="OnMobile">OnMobile</keyword> led a $13 million (nearly ₹95 crore) funding round in Chingari on Thursday. "It is our pleasure to have Salman on-board as one of our global brand ambassador and investor. We are confident that our association will power Chingari to scale greater heights in the near future," said Sumit Ghosh, Co-founder and CEO, Chingari. The app currently has more than 56 million users in India. "I like how Chingari has shaped up in such a short span of time, a platform for millions from rural to urban to showcase their unique talents and be seen by another million's in no time," said Salman. Chingari allows its users to download and upload videos, chat with friends, interact with new people, share content, browse through feed, and much more. The platform is available in more than 12 vernacular languages along with English and Spanish. "Chingari has always focused on empowering the content creators and builds on its strategy to continuously bring exciting content for all users with more relevant and robust features," said <keyword id="1342828" type="COMPANY" weightage="20" keywordseo="deepak-salvi">Deepak Salvi</keyword>, Co-Founder and COO, Chingari. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/paytm-money-set-to-hire-250-engineers-for-its-new-technology-centre-in-pune/articleshow/81813092.cms">Paytm Money set to hire 250 engineers for its new technology centre in Pune</a> <a href="https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms">Government withdraws interest rate cut on small savings schemes in a bizarre u-turn</a> <a href="https://www.businessinsider.in/stock-market/news/coursera-soars-23-in-trading-debut-following-4-3-billion-ipo/articleshow/81785440.cms">Coursera soars 23% in trading debut following $4.3 billion IPO</a> <a href="https://www.businessinsider.in/entertainment/news/indian-actor-rajinikanth-will-receive-the-51st-dadasaheb-phalke-award/articleshow/81818360.cms">Rajinikanth to receive the 51st Dadasaheb Phalke award</a>

Bollywood actor Salman Khan invests in short-form video app Chingari

New Delhi, Homegrown Twitter-like platform <keyword id="3518161" type="PERSON" weightage="20" keywordseo="koo">Koo</keyword> has garnered over 10 lakh new users in just one week, surpassing the 40 lakh-figure in nearly 10 months of its arrival, as Twitter was caught in crosshairs with the Indian government over its direction to remove nearly 1,400 controversial accounts. Koo, a favourite among several Union ministers, including IT Minister Ravi Shankar Prasad who is at the forefront of the government's war with Twitter, has reached 4.2 million users within no time. According to data analytics platform Statista, as of January 2021, the micro-blogging platform Twitter had an audience reach of 69.3 million users in the US. Japan and India were ranked second and third with 50.9 and 17.5 million users, respectively. The fast-growing vernacular platform Koo describes itself as a personal updates and opinion sharing micro-blogging service. The app won the Atmanirbhar App Innovation Challenge held in August last year and Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> encouraged Indians to use the Koo app in his 'Mann Ki Baat' speech too. However, Koo also found itself in the midst of several controversies including a data leak row and Chinese investment. Koo Co-founder and CEO Aprameya Radhakrishna denied that there was any data leak. "Koo is an India registered company with Indian founders. Raised earlier capital 2.5 years ago. Latest funds for Bombinate Technologies is led by a truly Indian investor 3one4 capital. Shunwei (single digit shareholder) which had invested in our Vokal journey will be exiting fully," Radhakrishna said in an earlier investment. Koo has raised $4.1 million as part of its Series A funding. Infosys veteran Mohandas Pai's 3one4 Capital is the latest addition to the investors on board, according to the company, and <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword>, <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, <keyword id="592779" type="COMPANY" weightage="20" keywordseo="Blume-Ventures">Blume Ventures</keyword> and Dream Incubator also participated in the round. "We have got more love than we expected. Our systems are facing more load than ever. Thank you for placing your trust in us. Our team is working on overdrive to fix it. We request your patience and support through this time. Let's do this together," Radhakrishna had said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-issues-new-guidelines-for-passengers-arriving-from-the-uk-brazil-europe-and-middle-east-countries/articleshow/81083248.cms">India issues new guidelines for passengers arriving from the UK, Brazil, Europe and Middle-East countries</a> <a href="https://www.businessinsider.in/business/startups/news/not-just-a-tiktok-clone-says-chingari-app-founder-with-their-latest-shop-within-videos-feature-which-he-claims-is-the-next-big-thing-in-social-commerce/articleshow/81084432.cms">‘Not just a TikTok clone,’ says Chingari founder with their latest shop within videos feature which he claims is the next big thing in social commerce</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f62-review-the-new-mid-range-killer/articleshow/81084382.cms">Samsung Galaxy F62 review – the new mid-range killer</a> <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-ceo-meets-indian-finance-secretary-as-shareholders-impatiently-wait-for-action-on-the-1-4-billion-tax-dispute/articleshow/81087952.cms">Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute</a>

As Twitter engages in a firefight with the Indian government, homegrown rival Koo crosses 4 million users within 10 months of launch

<ul><li>The founder of <keyword id="12297704" type="General" weightage="20" keywordseo="makerdao" source="Orion">MakerDAO</keyword>, Rune Christensen, believes people should “be ready for the worst” when it comes to <keyword id="12297703" type="General" weightage="20" keywordseo="stablecoin-regulation" source="Orion">stablecoin regulation</keyword> in 2022.</li><li>According to him, ‘super countries’ like Canada, Australia, New Zealand, the UK and other climate resilient nations, will be more <keyword id="7616853" type="General" weightage="20" keywordseo="stablecoin" source="Orion">stablecoin</keyword> friendly than the US in the future.</li><li>Christensen recently dissolved the <keyword id="12297705" type="General" weightage="20" keywordseo="maker-foundation" source="Orion">Maker Foundation</keyword> and wants MakerDAO to champion for climate change.</li></ul> Rune Christensen, founder of MakerDAO, believes that stablecoins may be in for a rough year ahead. Marking his return to the MakerDAO community on Reddit, Christensen held an Ask Me Anything (<a href="https://www.reddit.com/r/MakerDAO/comments/q60iif/im_rune_christensen_cofounder_of_makerdao_and/">AMA</a>) session on the forum where he was asked about the future of stablecoin regulation in 2022. And, his response was to “be ready for the worst,” especially when it comes to the US. After dissolving the Maker Foundation, to make the <keyword id="12297706" type="General" weightage="20" keywordseo="dai-stablecoin" source="Orion">DAI stablecoin</keyword> ‘truly’ decentralised, Christensen is now <a href="https://forum.makerdao.com/t/the-case-for-clean-money/10684">advocating</a> for MakerDAO to solve the problem of climate change. According to him, there is potential for DAI to thrive in the regulatory environment of ‘super countries’ — Canada, UK, New Zealand, Australia and other nations that are climate resilient — rather than the US. <div type="image" title="climate resilence global_edited" msid="86965922" hostid="261" caption="&amp;lt;p&amp;gt;Global map showing the impact of climate change if the Earth gets warmer by four degrees Celsius&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> <div type="ExtQuote" text="“We need to set up legal core units and government relations core units for each of these places [super countries], and once we have those in place, we should be able to get a proper assessment of how safe our collateral would be.”" auname="MakerDAO founder Rune Christensen said during an AMA on MakerDAO’s subreddit"></div> According to him, once MakerDAO finds locations from where it starts to implement large scale real world projects, the company will be politically impossible to shut down — as long these bases are set within countries with “good political environments.” <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="The regulatory landscape for stablecoins is ‘very hard to predict’" comment="subhead" text="The regulatory landscape for stablecoins is ‘very hard to predict’">The regulatory landscape for stablecoins is ‘very hard to predict’</cmsannotation> Stablecoins like Libra and Tether have caught the eye of global regulators primarily due to concerns over how the companies behind them manage the reserves that back them, especially since these stablecoins serve the purpose of a bridge between the world of cryptocurrencies and the traditional economy for many investors. <div type="ExtQuote" text="“It’s very hard to predict, especially because there are two aspects to that question, both what’s going to happen to stablecoins in general… and then what’s going to happen to decentralised stablecoins like DAI.”" auname="MakerDAO founder Rune Christensen said during an AMA on MakerDAO’s subreddit"></div> Most stablecoins, like <a href="https://www.businessinsider.in/cryptocurrency/news/tether-is-a-cryptocurrency-thats-not-volatile-and-pegged-against-the-us-dollar/articleshow/83604895.cms">Tether</a> and Libra, are ‘hard-pegged’ to the US dollar — they’re backed by the actual fiat currency. MakerDAO’s DAI stablecoin, on the other hand, is ‘soft-pegged’ to the US dollar. This means that while it maintains its value with respect to the fiat currency, it’s not actually backed by it. Instead, it’s backed by other cryptocurrencies. <cmsannotation type="cmsannotation" annotationid="The need for stablecoin regulation" comment="subhead" text="The need for stablecoin regulation">The need for stablecoin regulation</cmsannotation> Stablecoins are meant to offer ‘stability’ like their name suggests. The idea is that 1 token will be worth $1, a hundred tokens would be worth $100, and so on. Countries like the US, Japan, Singapore, China and the European Union (EU) are currently in the midst of figuring out how to protect investors from the risk that stablecoins present — the risk of not really being ‘stable’ at the end of the day. Tether, for instance, is not backed by actual US dollar reserves. Instead, it is backed by commercial paper — short term debt issued by companies to raise funds — most of which is speculated to be out of China. Even though the company behind the largest stablecoin on the market did come out to say that it doesn’t have any exposure to Evergrande — China’s real estate behemoth that is currently struggling to pay its $300 billion debt — there are still other Chinese companies that may be at risk due to the <a href="https://www.businessinsider.in/investment/news/evergrandes-impact-on-bitcoin-highlights-how-cryptocurrencies-still-have-growing-pains/articleshow/86422657.cms">ripple effect</a> put into motion by Evergrande’s downfall. And, that’s only the <a href="https://www.businessinsider.in/cryptocurrency/news/tether-is-a-cryptocurrency-thats-not-volatile-and-pegged-against-the-us-dollar/articleshow/83604895.cms">tip of the iceberg</a> when it comes to the reserves backing Tether. Last year in March, MakerDAO found itself in hot water as well when the price of Ether — the native token powering the Ethereum blockchain and the backbone of MakerDAO’s decentralised finance (DeFi) platform — went for a nosedive. It went from being worth $193 to $95 in less than 24 hours. The resulting chaos over transaction fees led to $8.32 million of Ether being liquidated off the platform for free. The event even got its own name — ‘<a href="https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6">Black Thursday</a>’. And, as things stand, there is very little stablecoin regulation on a national and global scale. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/business/startups/news/chingari-raises-19-million-in-crypto-tokens-to-launch-its-own-crypto-token/articleshow/86868155.cms">Chingari raises $19 million in crypto tokens to launch its own crypto token</a> <a href="https://www.businessinsider.in/cryptocurrency/news/nearly-half-the-world-will-be-using-cryptocurrencies-to-send-money-in-the-next-two-years-a-revolution-led-by-remittances/articleshow/86867756.cms">Capgemini says nearly half the world will be using cryptocurrencies to send money in the next two years — a revolution led by remittances</a>

‘We should be ready for the worst’ — MakerDAO founder is not optimistic about the stablecoin regulation in 2022

<keyword id="4521522" type="General" weightage="20" keywordseo="shiba-inu" source="Orion">Shiba Inu</keyword> has managed to retain itself among the top 20 largest cryptocurrencies in the market for over a week now. The cryptocurrency made its debut a little over a year ago and has seen one of the fastest jumps in popularity. Indian cryptocurrency exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a> was among the first to list the <a href="https://wazirx.com/exchange/SHIB-INR">SHIB token</a> in the country. Users on the platform can directly buy the cryptocurrency using Indian rupees or exchange for it using Tether (USDT) or the exchange’s native WarizX token (WRX). It only took the meme coin 14 months to hit a market value of $12 billion and become the 12th biggest cryptocurrency by market value at its peak. In comparison, it took Dogecoin 88 months — <a href="https://www.businessinsider.in/investment/news/shiba-inu-took-14-months-to-hit-a-market-value-of-12-billion-it-took-dogecoin-6-times-longer-to-reach-that-milestone/articleshow/86839017.cms">six times longer</a> — to be as big. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> The rally has investors asking other cryptocurrency platforms to list the Shiba token as well. A petition on Change.org is <a href="https://www.change.org/p/robinhood-convince-robinhood-they-will-prosper-if-they-list-shiba-inu-coin">urging trading app Robinhood</a> to add the coin to their roster. It has over 2.27 lakh signatures so far. <div type="ExtQuote" text="This petition is designed to kindly request Robinhood to please list Shiba Inu coin to trade. Dogecoin has been a huge success for Robinhood, and its investors… Shiba has just been listed on Binance and its momentum grows by the hour… Let's encourage Robinhood to be the first traditional brokerage to get on this train! Thank you." auname="Petition on Change.org asking Robinhood to list Shiba Inu on its exchange"></div> And, all this, because of one tweet by tech billionaire <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> of his real life Shibu Inu puppy called ‘Floki’. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1442634650703237120/mXIcYtIs_normal.jpg" favoritecount="387765" retweetcount="35125" status="Floki Frunkpuppy https://t.co/xAr8T0Jfdf" createdat="1633311718000" id="1444840184500129797"></div> <cmsannotation type="cmsannotation" annotationid="Other factors that may have caused Shiba Inu to skyrocket" comment="subhead" text="Other factors that may have caused Shiba Inu to skyrocket">Other factors that may have caused Shiba Inu to skyrocket</cmsannotation> Traditionally, when Bitcoin’s value increases, the value of altcoins sees a dip. And, when Bitcoin’s value corrects itself, altcoins play catch up. Many believe that Shibu Inu’s rally last week was just that — an altcoin playing catch up and getting caught in the headwinds of Musk’s tweet. Others attribute the coin’s rise to speculation over a major whale purchase — someone who is expected to buy a lot of SHIB. According to <a href="https://finance.yahoo.com/news/shiba-inu-jumps-55-exchange-113026888.html">Yahoo Finance</a>, an unknown whale bought around 6.3 trillion SHIB for approximately $44 million in September. <cmsannotation type="cmsannotation" annotationid="Meme coin Shiba Inu rally slows down — but it’s still worth thrice what it was a week ago" comment="subhead" text="Meme coin Shiba Inu rally slows down — but it’s still worth thrice what it was a week ago">Meme coin Shiba Inu rally slows down — but it’s still worth thrice what it was a week ago</cmsannotation> Some consider Shiba Inu to be a ‘shit’ coin — a coin with no inherent value — others believe that it could potentially be the <a href="https://wazirx.com/blog/is-shiba-inu-a-dogecoin-killer-or-a-shit-coin/">‘Dogecoin Killer</a>’. While Dogecoin uses the same technology as Bitcoin, Shiba Inu is powered by Ethereum. Either way, there’s no denying the break neck speed with which the latter gained value. Even after the rally behind the meme token seems to have slowed down — a 300% growth followed by 30% retrace — Shiba Inu is still worth thrice as much as it was a week ago at a price of $0.00002839 on October 11 at 5:00pm. <cmsannotation type="cmsannotation" annotationid="Shibu Inu is gearing for a comeback after the largest dump in its history" comment="subhead" text="Shibu Inu is gearing for a comeback after the largest dump in its history">Shibu Inu is gearing for a comeback after the largest dump in its history</cmsannotation> According to analytics platform <a href="https://twitter.com/santimentfeed/status/1447485903161622530">Santiment</a>, the hit that SHIB’s price took on October 8 was due to small whales dumping more than 30 billion tokens directly into the market — the largest dump in the token’s history. This, in turn, created massive selling pressure. However, today, the cryptocurrency’s value is up by more than 10% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/news/">CoinMarketCap</a>. Santiment asserts that the dumped tokens have most likely been redistributed among ‘micro traders’. On the flip side, trading volumes on Binance show that investors may be losing interest in Shiba Inu. It has fallen from a peak of 240 trillion to <a href="https://coinranking.com/market/11jakTSUC+shib-usdt-binance">less than 80 trillion</a> — one third of what it used to be — as of 2:00 pm Indian Standard Time (IST) on October 12. The total value locked on <a href="https://defillama.com/protocol/shibaswap">ShibaSwap</a> is only $448.96 million versus the $2.35 billion traded on Binance, in the last 24 hours. <cmsannotation type="cmsannotation" annotationid="Shiba Inu has an answer for the nay-sayers" comment="subhead" text="Shiba Inu has an answer for the nay-sayers">Shiba Inu has an answer for the nay-sayers</cmsannotation> Investor <a href="https://markets.businessinsider.com/news/currencies/big-short-michael-burry-shiba-inu-crypto-meme-token-pointless-2021-10">Michael Burry</a>, famous for being one of the few people who saw the 2008 financial crisis coming, expressed that the Shiba Inu cryptocurrency is “pointless.” In a tweet that has since been deleted, Burry shared that the tokens aren’t a desirable investment because the total supply exceeds a quadrillion tokens — this, in effect, limits any possible price appreciation. However, Shiba Inu is working on solving that problem too. The developer behind the cryptocurrency has partnered with NowPayments.io to burn a percentage of SHIB tokens with each transaction. <div type="twitter" handle="Shibtoken" handlename="Shib" image="http://pbs.twimg.com/profile_images/1418580748022525953/d0MGsPSY_normal.jpg" favoritecount="25326" retweetcount="8916" status="We are proud to announce that we will be establishing a #PartnerSHIB with NowPayments.@NOWPayments_io will onboar… https://t.co/HL4bveeVXQ" createdat="1633631667000" id="1446182147350401033"></div> The primary criticism of this strategy is that burning a meaningful percentage of the cryptocurrency will take years. Instead, the community behind the cryptocurrency has suggested a manual burn to reduce the number of tokens in circulation. For now, Shiba Inu investors are waiting for the launch of Shiboshis — a collection of 10,000 non-fungible tokens (NFTs) that will be minted on ShibaSwap — and the project’s plans to enter the world of gaming. <cmsannotation type="cmsannotation" annotationid="Shiba Inu is a joke… about a joke" comment="subhead" text="Shiba Inu is a joke… about a joke">Shiba Inu is a joke… about a joke</cmsannotation> The cryptocurrency was founded in August 2020, created by someone with the pseudonym ‘Ryoshi’. Just as Dogecoin was created as a joke after the viral meme of the real life Shibu Inu called Kabosu, Shiba Inu is often considered to be the satirical rip off of Dogecoin. In India, the Shiba Inu cryptocurrency came into the limelight when Ethereum founder Vitalik Buterin, donated nearly $1 billion to fund India’s fight against COVID-19 during the second wave earlier this year. One part of the funds were in 500 Ether (ETH) and the other part consisted of 50 trillion SHIB. Shortly afterwards, Buterin — who was given 50% of the total SHIB tokens in circulation during the coin’s initial launch — burned 90% of the cryptocurrency in his possession by sending it to a dead wallet. At the end, SHIB’s price saw an all time high of $0.00003502. Disclaimer: This is a sponsored post in partnership with WazirX SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/business/startups/news/chingari-raises-19-million-in-crypto-tokens-to-launch-its-own-crypto-token/articleshow/86868155.cms">Chingari raises $19 million in crypto tokens to launch its own crypto token</a> <a href="https://www.businessinsider.in/cryptocurrency/news/nearly-half-the-world-will-be-using-cryptocurrencies-to-send-money-in-the-next-two-years-a-revolution-led-by-remittances/articleshow/86867756.cms">Capgemini says nearly half the world will be using cryptocurrencies to send money in the next two years — a revolution led by remittances</a>

Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket

New Delhi, July 1 (IANS) The ban on 59 Chinese apps has given homegrown app developers a once-in-a-lifetime opportunity to create world-class products across chat, short videos, and photo/video sharing segments and led by ShareChat, desi apps are now scouting for fresh finds to invest intelligently into scaling their platforms and handle the upcoming rush. In a country where nearly 300 million people are on Facebook, another 400 million on WhatsApp and over 120 million on Chinese app TikTok -- not to forget the millions who are hooked to Instagram, Twitter and Snapchat -- there has not been a single social media platform to date with its roots in India that has created headlines globally. The time is ripe to rise to the occasion and show that Indian programmers can build top-notch social media apps right here, without going to the US or other countries. The regional language social media platform ShareChat is changing the way in which the next billion users will interact on the internet. With over 1 billion monthly Whatsapp shares, users spend more than 25 minutes daily on the platform. ShareChat has a user base of over 60 million monthly active users spread across the country and available in 15 languages including Hindi, Malayalam, Gujarati, Marathi, Punjabi, Telugu, Tamil, Bengali, Odia, Kannada, Assamese, Haryanvi, Rajasthani, Bhojpuri and Urdu. The Bengaluru-based regional language social platform has become so popular that even Twitter came onboard when the four-year-old company raised $100 million in its Series D round of funding last year. "ShareChat is silently leading a social media revolution with a strong focus on regional outreach keeping its Bharat connect pristine," said Berges Y Malu, Director, Public Policy, ShareChat. "We welcome the move from the government against platforms that have had serious privacy, cyber security and national security risks. We expect the government to continue their support for the Indian startup ecosystem," Malu added in a statement. Public is a video-only social platform and has already registered 50 million users, with more than one million videos being created every month. According to Azhar Iqubal, Founder and CEO of Public, we have immense talent and resources in India and the vacuum created by this ban is a great opportunity for Indian app makers to launch products that have the potential to do well globally. "It will also make users more vigilant in checking what permissions they have given to apps as smartphones store sensitive information," said Iqubal. Public is currently available in five Indian languages: Hindi, Bengali, Gujarati, Tamil and Telugu, and aims to have over 100 million users by the end of the year. Roposo is another leading homegrown short-video making app with more than 65 million downloads in the country. TikTok users, including influencers with huge fan followings, have started switching to Roposo in large numbers after the ban. "We have built Roposo as a clean and ethical platform. The unique idea of channels in Roposo provides every talented Indian with an opportunity to grow rapidly," said Mayank Bhangadia, co-founder of Roposo. Indians have rushed to download social app Chingari, a desi alternative to Chinese TikTok, which is witnessing nearly 1 lakh downloads and over 2 million views per hour since the government banned 59 Chinese apps over national security concerns. Already downloaded over 3 million times, the app which was founded by Bengaluru-based programmers Biswatma Nayak and Siddharth Gautam last year, was trending at the top spot on Google Play Store. "As Chingari is setting new benchmarks, a lot of investors are showing interest in our app. We are holding crucial discussions to get a good investor(s) on board so as to scale up our free-of-cost social platform," informed Nayak. Launched in October 2017, Khabri is another fastest-growing digital audio platform providing content in the regional language. "We urge Indian corporate leaders to come forward and reclaim the country's business ecosystem and consumers through supporting/investing in Indian startups," said Sandeep Singh, co-founder and president, Khabri. "Since the word spread that Indians now have a homegrown and more entertaining alternative to TikTok, we have been recording traffic beyond expectations on our app," said Nayak. Lifestyle community commerce platform Trell has witnessed more than 1 million downloads after India banned Chinese apps. With over 30 million downloads and 9 million monthly active users on its app, Trell has witnessed a 25 times growth within one year. "We welcome all the Tiktok and Chinese apps content creators with open arms to come and engage on Trell. As the largest Indian lifestyle social app, we will continue to ensure that the privacy and data of users will be protected," said Pulkit Agarwal, Co-Founder, Trell. --IANS na/in

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