Overstock (NASDAQ:OSTK), via subsidiary Medici Ventures, has invested in Minds, Inc. a cryptocurrency social network. The investment will be joined by Overstock founder and CEO Patrick Byrne joining the board of directors of Mind. Details on the amount invested were not disclosed.
Patrick M. Byrne, a huge blockchain proponent, commented that 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. Reportedly, the Dapp quickly jumped in popularity within hours of its release. Minds tokens can also be earned for engagement received on the platform.
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 members.
Bill Ottman, founder and CEO of Minds, said that it makes perfect sense for Byrne to join their board of directors.
“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.”