Overstock Subsidiary Medici Ventures Invests $6M USD In Crypto Social Network Minds

News | October 25, 2018 By:

Medici Ventures, the blockchain branch of retail giant Overstock, has invested $6 million in decentralized social network Minds.

Founded in 2011, Minds is an open-source social network that rewards users with crypto tokens for their contributions to the network. The platform has adopted the Manila Principles On Intermediary Liability, a digital bill of rights outlined by the Electronic Frontier Foundation, to protect freedom of expression and create an open environment for innovation. The company recently launched the $MINDS crypto token on the ethereum Mainnet as a way for users to boost their content, subscribe to media subscriptions and access exclusive content. Tokens can also be earned for engagement received on the platform.

The investment from Medici Ventures is part of Minds’ Series A funding round. As part of the investment, Overstock founder and CEO Patrick M. Byrne will be joining the Minds board of directors.

“It makes perfect sense for Patrick Byrne to join Minds’ board of directors,” said Bill Ottman, Founder and CEO of Minds. “He understands the critical nature of using blockchain technology to help real people as it pertains to the increasingly urgent issues of user rights, privacy and Internet freedom. He shares our strategic vision, and we welcome his voice on the board.”

Medici Ventures, which was established in 2014, has been investing in a number of crypto and blockchain startups, including Factom, Symbiont, Bitsy, Ripio, Bitt and others. It believes that by advancing blockchain technology the world may be brought closer together to connect and transact freely, eliminating the need for transactional middlemen and ushering in an era of trust through technology.

“There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations,” said Byrne. “Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology.”