Overstock.com VC Company Invests $6 Million in Blockchain-Powered Social Media Network

Overstock.com VC Company Invests $6 Million in Blockchain-Powered Social Media Network

Medici Ventures, the wholly-owned blockchain subsidiary of Overstock.com, was the sole financier at the Series A financing round of blockchain-powered social media Minds with a financial investment of $6 million.

Blockchain Social Media Network Minds Raises $6 Million from Overstock.com’s Medici Ventures in Series A Round

The previous seed round in 2013, and equity crowdfunding in 2017, raised $347,300 and $1 million, respectively.

The capital raised at the Series A financing round brings the overall to roughly $7.4 million. Patrick Byrne, the creator and ceo at Overstock.com, will sign up with the board of directors of Minds to represent Medici’s interests, stated the announcement.

” There has actually been increasing enjoyment over the last few years over the power of blockchain innovation to free people and companies. Minds’ work using blockchain innovation as a social networks application is the next terrific development towards mainstream usage of this world-changing innovation.”

According to mobile app metrics by Apptopia, Minds has 180,784 regular monthly app downloads, 152,015 from Google Play and 28,769 from iTunes. According to SimilarWeb, Minds.com has 4,169,029 regular monthly web visitors.

Overstock.com’s creator is a company supporter for blockchain, having actually introduced Medici Ventures in order to assist advance dispersed ledger innovation worldwide as a way to link the world without transactional intermediaries in an age of trust through technology.

The social media established by ceo Costs Ottman is a signee of the Electronic Frontier Structure (EFF) Manila Concepts to guarantee flexibility of speech and expression for its members.

” It makes best sense for Patrick Byrne to sign up with Minds’ board of directors. He comprehends the vital nature of utilizing blockchain innovation to assist genuine individuals as it relates to the significantly immediate concerns of user rights, personal privacy and Web flexibility. He shares our tactical vision, and we invite his voice on the board.”

The blockchain-powered social media has actually just recently introduced its crypto token on the Ethereum Mainnet. $MINDS is a tool for users to enhance their material, register for media memberships and gain access to special material. Users are rewarded with crypto tokens for their contributions to the network.

Overstock.com and Medici Ventures have actually been active in pursuing their ideological beliefs, and most likely what they think about tactical financial investment. Byrne’s business is set to weaken what he thinks are overbearing banks that manage society– Wall Street– with tZERO

The securities token exchange will be taking on conventional stock market by incorporating cryptographically safe and secure dispersed journals with existing market procedures to lower settlement times and expenses, boost openness, performance, and auditability.

 Included image from Shutterstock.