Overstock.com Blockchain Subsidiary, Medici Ventures, Purchases Equity in Crypto Social Network, Minds
Minds, Inc. (Minds.com), the leading crypto social network, today announced a $6 million Series A investment from Medici Ventures, the wholly-owned blockchain subsidiary of Overstock.com, Inc. (NASDAQ:OSTK) advancing blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock.com founder and CEO Patrick M. Byrne, a vocal advocate for blockchain, user rights, and free speech, will be joining the Minds board of directors.
“There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations,” said Patrick M. Byrne. “Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology.”
Minds recently launched the $MINDS crypto token on the Ethereum Mainnet, jumping to the #1 new DApp on the platform within hours of its release, as a way for users to boost their content, subscribe to media subscriptions and access exclusive content. Minds tokens can also be earned for engagement received on the platform.
Medici Ventures believes that by advancing blockchain technology the world may be brought closer together to connect and transact freely, eliminating the need for transactional middlemen and ushering in an era of trust through technology. Minds has adopted the Electronic Frontier Foundation (EFF) Manila Principles to serve as the platform’s Digital Bill of Rights, ensuring freedom of speech and expression for its million-plus members.
“It makes perfect sense for Patrick Byrne to join Minds’ board of directors,” said Bill Ottman, Founder and CEO of Minds. “He understands 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. He shares our strategic vision, and we welcome his voice on the board.”
For more information on Minds, please visit www.minds.com.
About Minds
Minds is an open-source social network that gives power back to the people. Users are rewarded daily with crypto tokens for their contributions to the network. Tokens can be exchanged for premium features, advertising views on content, or custom rewards from individual channels. Minds is built on a foundation of privacy, transparency and Internet freedom. For more information, visit https://minds.com.
About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Contact: [email protected]
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended June 30, 2018, which was filed with the SEC on August 9, 2018, and any subsequent filings with the SEC.
