aptos labs invests in chingari

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Aptos Labs, the team that launched the Aptos blockchain, has made an equity investment in Chingari, an on-chain short video app.

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This equity investment is to grow its user base, develop new products and focus on global expansion.

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The fresh capital will be used by Chingari for user growth,  product development, ramping up engineering, and global expansion.

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Aptos Network prioritises security, safety, and scalability and will prove to be advantageous for Chingari to scale to millions of additional users.

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Currently, it is built on the Solana blockchain with over 2.3 million active wallet users, said the company.

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With its migration to Aptos, the short video app plans to further expand its user base.

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The firm plans to launch in more emerging and strategic markets in the near future.

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Chingari said it generated revenue of $6.4 million in FY22 and $700,000 in the first month of the year 2023.