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In a significant development for the Indian social media landscape, Aditya Kothari, co-founder and chief strategy officer of the popular short video app Chingari has announced his departure. His exit comes amidst the platform's ambitious push into the cryptocurrency sector with its proprietary GARI token.
According to reports, Kothari's decision to leave the company stems from differences in vision regarding the future of Chingari. The popular video-sharing app, often touted as India's answer to TikTok, is embarking on a new journey with its GARI token, a move Kothari reportedly disagreed with.
Kothari, along with Sumit Ghosh and Deepak Salvi, was instrumental in the rise of Chingari, which gained prominence following the Indian government's ban on Chinese apps, including TikTok, in 2020. Since then, the platform has amassed over 56 million downloads on Google Play Store.
However, the recent introduction of the GARI token, a move aimed at integrating blockchain technology and fostering user engagement, seems to have become a point of contention. In an official statement, Kothari cited "differences over the future course of the company" as his reason for leaving.
Despite his departure, Kothari maintains his faith in the app's potential. "Chingari has a bright future and will continue to sparkle. I am moving out to explore other spaces where my experience and understanding can be utilized," he said.
Chingari's venture into crypto comes at a time when digital currencies are becoming increasingly mainstream. However, it also presents a unique set of challenges, particularly in India, where the regulatory landscape for cryptocurrencies is still uncertain.
While Kothari's exit might seem like a setback, Chingari's remaining team remains optimistic about their new direction. The platform's vision is to revolutionize social media engagement using crypto rewards, making the GARI token an integral part of this strategy.
As Chingari navigates this transitional phase, it will be interesting to see how the company adjusts its strategy and manages the ongoing rollout of the GARI token. Kothari's departure also opens up opportunities for new leadership to steer the company's crypto ambitions in the future.