Based in Dubai, UAE, FD7 is a crypto-oriented investment fund with over $1 billion in assets under management (AUM). The company recently announced somewhat bold plans to dispose of $750 million of its BTC holdings and allocate the sizeable amount into ADA and DOT.
At that time, the company’s Managing Director blasted the primary cryptocurrency and emphasized the potential for Cardano and Polkadot to further rise in popularity and utilization.
According to a more recent press release, FD7 Ventures doubled-down on its belief in the two projects. It reads that the company has opened an office in Bangalore, India, with the primary focus of offering financial assistance to Polkadot and Cardano.
To do so, FD7 has established a micro-fund targeting $250 million to invest in teams working on the two projects. The statement described this move as part of the overall “strategic road map to build its presence in Bangalore” and further reaffirm its support for Polkadot and Cardano.
Prakash Chand, Global Managing Director at the company, stated:
“Positioning our new location where we have in Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.”
As reported by Cryptopotato, the new venture wants to invest $1-5 million across 50 companies yearly, with about “thirty percent of those Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20 million.”
The statement also touched upon the growing craze of non-fungible tokens (NFT) and Polkadot’s role in some particular cases. More precisely, it breached the recent partnership between the popular YouTuber Paul Logan and Bondly, which resulted in an impressive popularity boost.
“Just look at Bondly, which is built on Polkadot. It literally blew up overnight when YouTuber Paul Logan sold more than $5 million worth of NFTs in just 24 hours. This is not just a space to watch but one which is proving its investment-worthiness with almost daily records being set with increase use cases for non-fungible tokens that support cryptographic art, collectibles, gaming, and more.”