Medici Ventures Overstock's Subsidiary Invests In Decentralized Social Network 'Minds'

Medici Ventures Overstock's Subsidiary Invests In Decentralized Social Network 'Minds'

2018-10-23 | Robin Williams

Medici Ventures Overstock's Subsidiary Invests In Decentralized Social Network 'Minds'

In line with a recent official press release, Minds has received Series A investment from Medici Ventures, though the investment total amount wasn't disclosed. With the investment, founder and chief executive officer Patrick M. Byrne has reportedly become a member of Mind’s board of administrators.

Founded back in year 2011, Minds is a redistributed social networking platform that rewards users for their activity on-line via in cryptocurrencies, revenue, and views of their content. Recently, Minds launched its native crypto token $MINDS on the Ethereum [ETH] Mainnet, that could be earned for engagement on the platform.

Moreover, Minds has adopted the Electronic Frontier Foundation [EFF] Manila Principles after the platform’s Digital Bill of Rights so as to “ensure freedom of speech” for its users.

Overstock has been actively demonstrating its interest in blockchain-powered projects around the globe. Earlier this month, the corporate through its subsidiary Medici Ventures invested with in Israeli-based technology company VinX to develop a token-based digital wine futures platform supported the Bordeaux futures model.

However prior to that, Overstock’s blockchain land subsidiary Medici Land Governance [MLG] signed a memoranda of Understanding with Zambia. The firm can work with the Zambian govt. on revamping land possession, permitting rural landowners to legitimise their estates and access monetary instruments.

Byrne also known as the early advocate for Bitcoin [BTC] and blockchain technology, sold-out 10% of his shares — a $20 Mln in total — in Sept. In an open letter to investors, that Byrne signed "your humble servant," he outlined many reasons for shareholders to not agonize regarding his call, adding that “don't worry, i am still within the game, and we're planning to bring this House to its knees." Byrne conjointly noted that he's planning to reinvest most of his sold-out shares “next to you investors.”

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