Overstock Blockchain Startup Medici Ventures Buys Minds Crypto Social Network Equity
The wholly-owned blockchain subsidiary of Overstock.com, Inc, Medici Ventures has made a $6 million Series A investment in Minds, Inc, the leading crypto social network,
With the aim of advancing blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce, Overstock.com founder and CEO Patrick M. Byrne, a vocal advocate for blockchain, user rights, and free speech, will be joining the Minds board of directors.
Patrick M. Byrne said there has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations, adding that “Minds’ work employing blockchain technology as a social media application is the next great innovation toward the mainstream use of this world-changing technology.
Medici Ventures looks to bring the world closer by advancing blockchain technology to connect and transact freely, eliminating the need for transactional middlemen and ushering in an era of trust through technology.
The company 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.
Minds recently launched the $MINDS crypto token on the Ethereum Mainnet, jumping to the #1 new DApp on the platform within hours of its release, as a way for users to boost their content, subscribe to media subscriptions and access exclusive content. Minds tokens can also be earned for engagement received on the platform.
“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.”