Overstock.com stock (NASDAQ:OSTK) is down more than 5% on Monday as Minds, Inc. announced a $6 million Series A investment from Medici Ventures, which is the wholly-owned blockchain subsidiary of Overstock.com.
The move is designed to advance blockchain technologies to democratize capital, get rid of middlemen and re-humanize commerce. Overstock.com founder and CEO Patrick M. Byrne, who is 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 was recently involved in the innovation of the $MINDS crypto token with its launch on the Ethereum Mainnet, jumping to the #1 new DApp on the platform within hours of its release, which is a way for users to booster their content, subscribe to media subscriptions and access exclusive content.
Minds tokens can also be earned for engagement received on the platform.
OSTK stock is down about 5.5% on Monday following the news.
