Overstock.com Makes a Multi-Million Dollar Bet on a Decentralized Social Network
Overstock.com’s (OSTK) blockchain venture capital firm, Medici Ventures, has invested in the $6 million Series A fundraising round of Minds, Inc., a decentralized, cryptocurrency-driven social network.
According to the press release, Minds is a decentralized application built on the Ethereum (ETH) blockchain. The platform leverages an ERC-20 token, MINDS, which lets users boost their content, subscribe to media and access exclusive content. Through Minds, content creators are able to earn real money for their contributions to the larger network in a manner similar to investFeed and Steemit.
“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 mainstream use of this world-changing technology,” said Patrick Byrne, CEO and founder of Overstock, who will be joining the Minds board of directors.
The investment comes on the heels of numerous social network data breaches. Most recently, Google (GOOGL) shut down down its rarely-used social network platform, Google+, after internal documents surfaced showing that the company has been covering up a data breach bug that lasted nearly 3 years.
Minds is currently the 8,800 ranked website in the world, meaning its beginning to experience some significant adoption in the wake of these recent data breaches.
More: Overstock.com Blockchain Subsidiary, Medici Ventures, Purchases Equity in Crypto Social Network, Minds
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.