BY CNA Team - October 23, 2018
Minds raises US$6mil in Series A funding from Overstock
Minds, a crypto social network, has raised US$6mil in Series A funding from Medici Ventures, the crypto investment arm of e-commerce firm Overstock.
The startup says in a press release that the investment will go towards an equity stake but did not mention how much of a stake Overstock will receive from its funding.
Overstock founder/CEO Patrick Byrne will also join Minds’ board of directors.
“Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology,” he says in the release.
Minds also recently migrated to the Ethereum blockchain platform from the Rinkeby test network.
With the migration, the startup also launched a token on the Ethereum platform that provides a way for users to boost their content, subscribe to media content and access exclusive content. It can also be earned through engagement received on the platform.
Minds founder/CEO says Byrne knows the critical nature of using blockchain technology to help real people as it pertains to the increasingly urgent issues of user rights, privacy and internet freedom.
Image courtesy of Minds website.