Minds: cryptocurrency social network invests 25% of its money in crypto

Minds is a social network with a heavy focus on the world of cryptocurrencies, being a decentralized alternative to Facebook. Currently, they already have more than 5 million users, which offer numerous features that, in addition to ensuring the privacy of users, also allow promotion and payments through their digital token.

Recently the founder of this startup, Bill Ottman, revealed that Minds has decided to convert about 100% of their funds (approximately 2.5 million dollars) in cryptocurrencies. More specifically, they divided these 10% between Bitcoind, Ethereum and USDT:

    5% in Bitcoin

      10% in Ethereum
    • % in USDT

    Over the last few years we have seen several of the top international companies, like Tesla, Square, Coinbase and MicroStrategy, invest large amounts of their funds in cryptocurrencies. However, Ottman states that even startups more aware of the potential of cryptocurrencies end up not moving forward with these strategies.

    The CEO of Minds hopes that this strategic decision of the social network will be able to initiate a change of mindset by part of other startups.

    “It had a huge impact when Tesla, Square and MicroStrategy made the investments. But if we manage to create a phenomenon where startups invest a considerable portion of their assets in crypto, it would be a trend that could change the entire market”

    , said Ottman

    Minds uses its own token for transactions on the social network

    The company has developed its own Minds token, currently worth around $2, used to reward its users for publications that receive high activity, as well as to promote content and receive payments.

    The social network wants to revolutionize the segment in which it operates, using decentralized networks for many of its features. Minds uses the Ethereum blockchain to operationalize its token, lets its users connect to the MetaMask crypto wallet and uses the decentralized Matrix protocol for its messaging platform.

    For now, it seems that the user community in Portugal and Brazil is still very small, but we believe that this will change very soon. Especially with the big controversies involving the big social networks and regular functioning problems, users are increasingly looking for alternatives. Minds could be the perfect alternative for many people.

    Although there doesn’t seem to be a large Portuguese community, we decided to create a group to share news and technology tips on the Minds social network. In this group, the objective will be to share content from several recognized sources in Portugal, and not just from Techenet, so that users can take full advantage of this new platform.

    Join the Tech Portugal group on Minds and start exploring Minds now!201200

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