Dubai-based cryptocurrency investment firm FD7 Ventures announced that it will support Polkadot and Cardano projects. The company’s budget for the fund is 250 million dollars.
FD7 Ventures aims to expand into Bangalore, India, with the support it announced for its Polkadot and Cardano projects. Drawing attention of FD7 Ventures with its engineering studies, Bangalor is a part of the company’s growth strategy.
FD7 Ventures will invest $ 1-5 million per company in 50 different companies within the Cardano and Polkadot ecosystem during the year. 30 percent of these will be able to benefit from secondary investment ranging from $ 5 to 20 million.
India an advantage for new projects
Prakash Chand, managing director of FD7, states that the Indian Institute of Technology (IIT) has created talent in engineering. The fact that the FD7 will be located in the city of Bangalore is interpreted as an advantage with the engineers IIT has trained for the Polkadot and Cardano projects. In the announcement, among the talented engineers from IIT; Alphabet Inc. Names such as CEO Sundar Pichai, Sun Microsystems’ co-founder Vinod Khosla, SoftBank former chairman Nikesh Aror are shown.
NFT plans with famous names
FD7 Ventures is looking for investment opportunities for projects developed on ADA and DOT ecosystems, based on the rise in NFT projects. “YouTuber Logan Paul sold over $ 5 million NFT at Bondly in just 24 hours, citing Bondly Finance, which operates in the Polkadot network, as an example. The increasing use of NFTs shows that these tokens are worth investing in. ” said.
Chand also said that they are planning to do various NFT work with Bollywood celebrities and well-known cricket players.
Company sells Bitcoin for ADA and DOT
FD7 announced on February 26 that it will sell $ 750 million worth of Bitcoin, buying ADA and DOT. The company believes Polkadot and Cardano will surpass Bitcoin in the future.