Minds, Inc., a NYC-based crypto social network, raised $6m in Series A funding.
The round was led by Medici Ventures, a blockchain subsidiary of Overstock.com. In conjunction with the funding, Patrick M. Byrne, founder and CEO of Overstock.com, will join the company’s board of directors.
Led by Bill Ottman, Founder and CEO, Minds is an open-source social network that rewards users 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.
The company recently launched the $MINDS crypto token on the Ethereum Mainnet, a way for users to boost their content, subscribe to media subscriptions and access exclusive content. The tokens can also be earned for engagement received on the platform.