Overstock’s Medici Ventures Invests in Decentralized Social Network
Overstock’s Medici Ventures has invested in a blockchain-powered social networking platform Minds, Inc.
Overstock’s venture capital subsidiary Medici Ventures has invested in decentralized social network Minds, Inc. (Minds.com), according to a press release shared with Cointelegraph Oct. 22.
Founded in 2011, Minds is a decentralized social networking platform that rewards users for their activity online via cryptocurrencies, revenue, and views of their content. Recently, Minds launched its native crypto token $MINDS on the Ethereum (ETH) Mainnet, which can be earned for engagement on the platform.
Per the release, Minds has received Series A investment from Medici Ventures, although the investment sum was not revealed. With the investment, Overstock.com founder and CEO Patrick M. Byrne has reportedly become a member of Mind’s board of directors.
Moreover, Minds has adopted the Electronic Frontier Foundation (EFF) Manila Principles as the platform’s Digital Bill of Rights in order to “ensure freedom of speech” for its users.
Overstock has been actively demonstrating its interest in blockchain-powered projects around the world. Earlier this month, the company through its subsidiary Medici Ventures invested in Israeli-based technology company VinX to develop a token-based digital wine futures platform based on the Bordeaux futures model.
Prior to that, Overstock’s blockchain land registry subsidiary Medici Land Governance (MLG) signed a Memorandum of Understanding with Zambia. The firm will work with the Zambian government on revamping land ownership, allowing rural landowners to legitimize their estates and access financial instruments.
Byrne, who is known as an early advocate for Bitcoin (BTC) and blockchain technology, sold 10 percent of his shares — a $20 million sum — in September. In an open letter to investors, which Byrne signed "your humble servant," he pointed out several reasons for shareholders not to be concerned about his decision, saying “don't worry, I'm still in the game, and we're going to bring this House to its knees." Byrne also noted that he is going to reinvest most of his sold shares “next to you [investors].”