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Blockchain-Based Social Network Minds Receives $6 Million From Medici Ventures In Series A Funding

Blockchain-based social network Minds received $6 million from Medici Ventures in a Series A Funding recently. Medici Ventures is Overstock.com’s wholly-owned blockchain subsidiary which intends to make advancements in blockchain technologies for eliminating middlemen, democratizing capital, and re-humanizing commerce.

The founder and CEO of Overstock.com is a vocal advocate for user rights, the blockchain, and free speech. He will join the Minds as one of the boards of directors. According to Byrne, “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 the mainstream use of this world-changing technology.”

Recently, Minds launched on the Ethereum Mainnet a crypto token – $MINDS. The token jumped to #1 new DApp slot on the platform within few hours of its release. It offers users a platform to boost their content, access exclusive content, and register for media subscriptions.

It is possible to earn Minds tokens for social engagement received via the network on the platform. According to Medici Ventures, advancement in blockchain technology will bring the world closer together so that everyone can transact and connect freely. It will thus eliminate the need for middlemen during transactions and welcome an era of trust using technology, GlobeNewsWire reported.

Minds adopted the Electronic Frontier Foundation (EFF) Manila Principles recently for serving the Digital Bill of Rights of the platform to ensure freedom of speech and expression for all its more than million members. The founder and CEO of Minds Bill Ottman said that it makes perfect sense for Byrne to come on the board of Minds, TechCrunch reported.

Ottman stated that Byrne understands the critical nature of blockchain technology applications and shares social network Minds’ strategic vision. Recently Overstock.com announced that an informational event will be organized for the investors and analysts on November 13, 2018, at the company’s Salt Lake City located global headquarters, Peace Coliseum. According to Overstock.com, the event will discuss retail and blockchain businesses.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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