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Medici Ventures, the wholly-owned blockchain subsidiary of Overstock.com, has announced $6 million Series A investment in crypto social network Minds.
In addition to the investment, Overstock.com founder and CEO Patrick M. Byrne will be joining the Minds board of directors.
“Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology,” said Byrne.
Founded in 2011, Minds is an open-source social network that rewards users daily with crypto tokens for their contributions to the network. It recently launched the $MINDS crypto token on the Ethereum Mainnet, jumping to the #1 new DApp on the platform within hours of its release.
Minds has adopted the Electronic Frontier Foundation (EFF) Manila Principles to serve as the platform’s Digital Bill of Rights, ensuring freedom of speech and expression for its million-plus members.
“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.”
Launched in 2014, Medici Ventures was established to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. It has a growing portfolio of groundbreaking blockchain-focused investments, which includes Factom, Symbiont, Bitsy, Ripio, Bitt and others.
