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August 15, 2022
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India fund invests US $ 250 million in Polkadot and Cardano

A crypto investment fund opened an office in India and established a $ 250 million venture to invest in Cardano and Polkadot.

FD7 Ventures, the cryptocurrency fund that recently promised to divest its BTC stakes to buy ADA and DOT, created a $ 250 million micro-fund in India focusing on investments in teams working in the Polkadot and Cardano ecosystems .

FD7 goes to India and seeks DOT and ADA

Headquartered in Dubai, United Arab Emirates, FD7 is a cryptocurrency-oriented investment fund with more than $ 1 billion in assets under management (AUM). The company recently announced rather bold plans to sell $ 750 million of its BTC stakes to allocate the considerable amount in ADA and DOT.

At the time, the company’s managing director detonated the leading cryptocurrency and highlighted the potential of Cardano and Polkadot to further increase its popularity and use.

FD7 Ventures has doubled its belief in both projects, according to a Press release last. He says the company has opened an office in Bangalore, India, with the main focus on offering financial assistance to Polkadot and Cardano.

To do this, FD7 established a $ 250 million micro-fund to invest in teams working on both projects. The statement described this movement as part of the “general strategic roadmap for building its presence in Bangalore” and reaffirming its support for Polkadot and Cardano.

“Positioning our new location in Bangalore gives us a field advantage to take advantage of some of the world’s best future talent in blockchain and cryptocurrency development.” – commented Prakash Chand, Global Executive Director of the company.

The new venture plans to invest US $ 1-5 million in 50 companies annually, with around “thirty percent of these companies based on the Polkadot and Cardano ecosystem receiving secondary investments of US $ 5-20 million”.

NFTs are the future

The statement also addressed the growing craze for non-fungible tokens (NFT) and the role of Polkadot in some specific cases.

“Just look at Bondly, which is built at Polkadot. It literally exploded overnight when YouTuber Paul Logan sold more than $ 5 million in NFTs in just 24 hours. This is not just a space to watch, but one that is proving its investment value with almost daily records being made with increasing use cases for non-fungible tokens that support cryptographic art, collectibles, games and more. ”- said Chand.

Source: CryptoPotato

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