Apots Labs has made an equity investment in Chingari, an on-chain short video application, the company informed in an official release.
“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,” Sumit Ghosh, CEO and co-founder, Chingari, said.
As per the release, Chingari will be launching its upgraded application on the Aptos Network by the second quarter of 2023.
“The team at Chingari has developed new ways for creators to interact with users, and we look forward to seeing their team continue to innovate. Chingari was looking for the speed, safety, and scalability of the Aptos network to support their millions of users – and to onboard millions more in the future,” Mo Shaikh, CEO, and co-founder, Aptos added.
The release stated that Aptos is a Layer 1 blockchain and its technology and programming language, are designed to evolve, improve performance and strengthen user safeguards.