Share this article
BTC
$82,662.00
+
7.33%ETH
$1,653.93
+
11.84%USDT
$0.9996
+
0.04%XRP
$2.0532
+
11.98%BNB
$580.54
+
4.31%SOL
$118.90
+
12.29%USDC
$0.9999
-
0.01%DOGE
$0.1613
+
12.24%ADA
$0.6329
+
12.42%TRX
$0.2380
+
2.46%LEO
$9.3620
+
3.88%LINK
$12.64
+
14.68%TON
$3.2108
+
7.05%AVAX
$18.42
+
14.00%XLM
$0.2421
+
7.59%SUI
$2.2466
+
13.84%HBAR
$0.1694
+
13.38%SHIB
$0.0₄1203
+
13.22%OM
$6.5598
+
6.01%BCH
$306.13
+
12.87%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
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.
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
STORY CONTINUES BELOW
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
