Medici Ventures purchases equity in crypto social network
Crypto social network Minds.com has received a $6m investment from Medici Ventures, the wholly-owned blockchain subsidiary of Overstock.com.
Founded in 2011, Minds is an open-source social network that gives power back to the people. Users are rewarded daily with crypto tokens for their contributions to the network. Tokens can be exchanged for premium features, advertising views on content or custom rewards from individual channels.
With the investment, Overstock.com founder and CEO Patrick M. Byrne has reportedly become a member of Mind’s board of directors.
Byrne said: “There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations. 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, jumping to the number one 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.
It has also adopted the Electronic Frontier Foundation Manila Principles as the platform’s Digital Bill of Rights in order to “ensure freedom of speech” for its users.
Medici Ventures was created in 2014 to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions.