UAE’s FD7 Ventures To Invest $250M In Polkadot And Cardano

UAE’s FD7 ventures will invest $250 million in Cardano and Polkadot but from an office based in India, as we can see in our latest Cardano news today.

UAE’s FD7 ventures is a crypto-oriented fund that vowed to dispose of the BTC holdings for ADA and DOT and set up a $250 million micro-fund that is focused on investments in teams that will work on Cardano and Polkadot. Based in Dubai, the investment fund has over $1 billion in assets under management and the company announced its intentions to dispose of $750 million of the BTC holdings and will allocate the sizeable amount into DOT and ADA.

The company’s Managing Director trashed bitcoin as the primary cryptocurrency, outlining the real potential that Cardano and Polkadot have to further rise in popularity and utilization, saying that BTC has no real use-case. FD Ventures has strong beliefs in these two projects according to a recent press release. It reads that the company has opened an office in Bangalore with the main focus of offering financial assistance to both Cardano and Polkadot. In order to do so, FD7 established a micro-fund of $250 million to invest in teams working on projects with the statement describing this move as a part of the overall “strategic road map to build its presence in India” and to also reaffirm the support for Cardano and Polkadot. Prakash Chand who is the Global Managing Director at the company said:

 “Positioning our new location where we have in Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.”

The new venture will invest $1-5 million in 50 companies yearly with about 30% of the investments made in Polkadot and Cardano as an ecosystem-based company that receives secondary investments of $5-20 million. The statement caught up on the growing popularity of non-fungible tokens and DOT’s role in some cases. It also breached the partnership between Bondly and YouTuber Paul Logan which resulted in an impressive popularity boost, as Chand noted:

 “Just look at Bondly, which is built 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 space to watch but one which is proving its investment-worthiness with almost daily records being set with increase use cases for non-fungible tokens that support cryptographic art, collectibles, gaming, and more.
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