FD7 Ventures, the cryptocurrency-focused fund that recently promised to divest its BTC holdings for ADA and DOT, has set up a $ 250 million microfund that will focus on investing in teams working on the Polkadot and Cardano ecosystems work.
FD7 goes to India for DOT and ADA
FD7, based in Dubai, United Arab Emirates, is a crypto-oriented mutual fund with over $ 1 billion in assets under management (AUM). The company recently announced somewhat bold plans to divest $ 750 million of its BTC holdings and invest the sizeable amount in ADA and DOT.
At the time, the company’s managing director blew up the primary cryptocurrency and highlighted the potential for Cardano and Polkadot to keep growing in popularity and usage.
According to a recent press release, FD7 Ventures has doubled its belief in the two projects. The company is said to have opened an office in Bangalore, India, focused on providing financial support to Polkadot and Cardano.
To that end, FD7 has set up a microfund that provides $ 250 million to invest in teams working on the two projects. The statement described this step as part of the overall “strategic roadmap to establishing its presence in Bangalore” and further reaffirmed support for Polkadot and Cardano.
“Positioning our new location in Bangalore gives us a home advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.” – commented Prakash Chand, Global Managing Director of the company.
The new company plans to invest $ 1 to 5 million annually in 50 companies, with approximately 30 percent of those based on the Polkadot and Cardano ecosystem receiving secondary investments of $ 5 to 20 million.
NFTs are the future
The statement also touched on the growing craze for non-fungible tokens (NFT) and the role of Polkadot in certain cases. In particular, the recent partnership between famous YouTuber Paul Logan and Bondly has been violated, resulting in an impressive surge in popularity.
“Just look at Bondly, which is based on polkadot. It literally blew up overnight when YouTuber Paul Logan sold more than $ 5 million worth of NFTs in just 24 hours. This is not just a place to look, but a place that proves its worth investing as records are being broken almost daily and increasingly use cases are for non-fungible tokens that support cryptographic art, collectibles, games and more. “- said Chand.
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