ADA & DOT Get Another Push From FD7

Share Article
In Brief
  • FD7 opened a $250 million micro-fund in Bangalore to develop the Cardano and Polkadot ecosystems.

  • Opening comes after FD7 announced intent to liquidate $750 million in BTC to buy ADA and DOT.

  • ADA achieved a new ATH over the past week, as other coins struggled.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Dubai-based FD7 Ventures has announced the opening of its office in Bangalore, India. The crypto investment fund will invest $250 million in a micro-fund focusing on developing the Cardano (ADA) and Polkadot (DOT) ecosystems.

Sponsored



Sponsored

The micro-fund will make annual investments between $1 million and $5 million across 50 companies specializing in developing ADA and DOT.

Roughly 30% of these companies will receive secondary investment of $5 million to $20 million, depending on their growth, the announcement read. 

Sponsored



Sponsored

ADA and DOT’s Benefit

The company noted it was bullish on non-fungible token (NTF) projects, which is another reason it is focusing on these decentralized finance (DeFi)-enabling platforms. Prakash Chand, global managing director at FD7 Ventures, said:

“Just look at Bondly, which is built on Polkadot. It literally blew up overnight when YouTuber Logan Paul sold more than five million dollars’ worth of NFTs in just 24 hours.” 

Chand also expressed excitement about taking advantage of local talent with the Bangalore office.

“The India Institute of Technology is churning out top talent who are already working on Polkadot and Cardano projects at the university level,” he added.  

Cardano Ascendant 

This news comes in light of FD7 announcing last week that it would liquidate its $750 million holdings of bitcoin (BTC) in order to buy more ADA and DOT.

Chand had said that BTC had largely served its purpose and that the altcoins have better long-term potential. Upon hearing the news, Cardano founder Charles Hoskinson tweeted his welcome of FD7 to the ecosystem.

Notably, Cardano was one of the few cryptocurrencies to withstand last weeks’ liquidations. In fact, it actually reached an all-time high on Feb. 27, which moved it to third place in terms of coin market capitalization. Cardano’s Mary hard fork upgrade is supposed to take place today, March 1, introducing native tokens and multi-asset support to the platform.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join