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.
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.
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.
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.
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