Overstock blockchain subsidiary, Medici Ventures, backs Minds

Crypto social network, Minds, has landed a $6 million Series A investment from Medici Ventures, the blockchain subsidiary of US online retailer, Overstock.

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

Minds 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. The tokens can also be earned for engagement received on the platform.

“It makes perfect sense for Patrick Byrne to join Minds’ board of directors,” says 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.”