Medici Ventures Invests in Crypto Social Network Minds.com
An announcement was made on October 22nd that said that Medici Ventures, which is the venture capital subsidiary of Overstock, made an investment in Minds, Inc. The declaration did not include the exact amount of the deal but stated that it was Series A funding. It is also said that Mr. Patrick M. Byrne; the chief executive officer at Overstock, took his place on the board of directors at Minds.
Minds is a distributed social network which gives its users cryptocurrencies, profits, as well as views for their content in return for their activity. The network aims at guaranteeing free speech, which is why it based its Digital Bill of Rights issued by the EFF. Minds was launched in 2011 and has introduced $MINDS, its original token. A user can obtain the token through network engagement. The token was launched on the Ethereum Mainnet.
Overstock’s interest in ventures leveraged by blockchain is clear through its investments. For example, it signed a MoU with governmental authorities in Zambia through Medici Land Governance, its subsidiary focused on land registry and based on blockchain, to collaborate on upgrading land possession and facilitating the validation of estates for rural landowners. Also, this month, Overstock made an investment in a tech company called VinX. This investment was made via Medici Ventures and aims to create a digital platform for en primeur and base a token, following the example of Bordeaux futures.
Overstock’s CEO, Mr. Byrne has been a firm promoter and believer in BTC and tech focused on blockchain from the early days. In September, he sold over $20 million worth of the company’s shares which amounts to 10%. He has, however, assured investors and shareholders that they should not be bothered by this move as he intends to reinvest most of the shares he sold.