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Blockchain Social Network Minds Putting 25% of Its Balance Sheet Into Crypto
Minds is allocating 5% of its cash to bitcoin, 10% to ether and 10% to USDC.
Updated May 11, 2023, 4:02 p.m. Published Sep 16, 2021, 5:59 p.m.
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Blockchain social network startup Minds is converting 25% of its balance sheet, or around $2.5 million, into cryptocurrencies, founder and CEO Bill Ottman told Fortune in an interview published Thursday.
- Ottman said the move represents around a quarter of the $10 million Series B funding round the company raised in June.
- Altogether, Minds is allocating 5% of its cash to bitcoin, 10% to ether and another 10% to Circle’s USDC-backed Circle Yield product.
- “It has a huge impact when Tesla and Square and MicroStrategy [buy crypto], but if we can create a phenomenon where startups are all putting a tangible percentage of their balance sheet into crypto, that’s a serious trend that could really change the market,” Ottman told Fortune.
- Minds is a social network that allows its five million members to promote their posts and perform transactions using crypto.
- The CEO went on to explain that a lot of Minds’ infrastructure is running on Ethereum, adding “we believe in Ethereum, and we want to hold [Ether].”
Read more: Blockchain Social Network Minds Is Migrating to Ethereum for Launch
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