A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in projects building on Cardano and Polkadot.
The said development also corresponded to the investment fund opening a new office in the city of Bengaluru, India, a city widely regarded to be the IT hub of the country.
FD7 Ventures believes its foray into India’s investment landscape “offers FD7 region-specific advantages that are radically different from the blockchain and cryptocurrency scenes of the United States,” with the fund highlighting that the country’s top university programs are already churning out talent working on Cardano, Polkadot-based projects.
The Dubai-based fund also revealed that it intends to make investments of approximately $1-5M across 50 companies on a yearly basis, “with roughly thirty percent of those Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20M, depending on their growth metrics.”
That’s not all either, with the aforementioned press release revealing that the company is bullish on NFT projects. FD7 will also be seeking other investment opportunities to bolster its own Cardano, Polkadot-related project holdings.
Finally, in what might be a smart move considering the country’s demographics and the popularity of cinema and sports in India, Prakash Chand, the fund’s Global Managing Director, revealed,
“FD7 is excited to have plans underway to work with Bollywood celebrities and star Cricket players on NFT projects in the near future. These are dear friends of mine who also happen to be LPs in our fund.”
The present development is evidence of how bullish the crypto-investment fund is about projects such as Cardano and Polkadot. While the latter’s recent performances suggest this isn’t a surprise, what is a surprise, however, is how dismissive FD7 is about Bitcoin. A few days ago, when the fund revealed its decision to sell BTC holdings worth $750M, Chand said,
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless.”