Overstock.com Blockchain Subsidiary, Medici Ventures, Purchases Equity in Crypto Social Network, Minds
October 22 2018 - 12:00PM
Overstock CEO Patrick M. Byrne Joins Minds
Board of Directors.
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.
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.
Media contact: Minds@pulppr.com
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