FD7 Launches $250 million Micro Fund For Cardano and Polkadot Projects
Dubai-based Investment firm FD7 Ventures has launched a $250 million micro-fund targeting Polkadot (DOT) and Cardano (ADA) projects. This is part of the investment firm’s aim to expand its existing business portfolio.
$250 million Micro Fund
FD7 Ventures revealed this move in a press release on February 28, 2021. According to the report, this development was part of opening an office in Bangalore, India. FD7 wants to build a presence in Bangalore, an area widely considered the home of India’s top engineering talent.
The FD7 micro fund will make investments of around $1-$5 million across 50 companies yearly. FD7 will further increase this to $5-$20 million on thirty percent of the Polkadot and Cardano-based companies, depending on their growth metrics. Also, the $250 million micro-fund will be headed by its local partner Neeraj Singh.
India has become a significant region for blockchain and cryptocurrency development funds due to its unique educational system. The Asian nation offers highly competitive Information technology programs at the university level and has produced highly sought-after talents in the fintech industry.
FD7 intends to get the first-mover advantage towards a pool of talent in the country with its Bangalore office opening. Also, FD7 is bullish on NFT projects and will invest in bolstering Polkadot and Cardano-related projects in the niche.
FD7 partner Said Chand noted the recent NFT craze is one that the company is looking towards leveraging. “Look at Bond, which is built on Polkadot. It literally blew up overnight when YouTuber Logan Paul sold more than 5 million dollars’ worth of NFTs in just 24 hours. This is not just a space to watch but one which is proving its investment-worthiness,” he stated.
Major Switch from Bitcoin
FD7 had initially revealed a week ago that it would liquidate $750 million of their bitcoin holdings into Cardano and Polkadot. The investment firm founder believes that both projects can eventually overtake Bitcoin in the market cap.
Cardano founder Charles Hoskinson tweeted about the development and offered to provide technical support for the investment venture. With this latest announcement, FD7 has shown its commitment to developing the Polkadot and Cardano ecosystems.