Dubai-based FD7 Ventures, a global cryptocurrency investment fund, recently announced the launch of its $250 million micro-fund in Bengaluru, India aimed at investing in teams that build on Polkadot and Cardano.
In a recent press release, the company said that it will invest about $1-5 million in 50 different companies working on projects that help to further the Polkadot and Cardano ecosystems, every year.
Companies with the highest success rate will receive an additional investment of up to $20 million following the initial investment.
Bengaluru, the country’s largest city, is a hub for India‘s top engineering talents as it is home to the Indian Institute of Technology (IIT) which has a lot of outstanding graduates including the CEO of Alphabet Inc.
Additionally, the company’s global managing director, Prakash Chand, noted that the IIT has teams who are already working on projects related to Polkadot and Cardano.
He said, “The India Institute of Technology (IIT) is churning out top talent who are already working on Polkadot and Cardano projects at the university level.”
Therefore, launching the micro-fund in Bengaluru offers FD7 several advantages, including the proximity to some of the world’s best future talent in blockchain and cryptocurrency development.
Chand added that the company is becoming increasingly interested in Non-Fungible Token (NFT) projects and is planning to create a market for these tokens in India using the Polkadot and Cardano blockchains.
He noted that FD7 intends to bring several Bollywood stars and top Cricket players onboard the project.
“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 LP’s in our fund.”
The current development comes a week after the investment firm claimed to have liquidated about $750 million of its $1 billion worth of Bitcoin and Ethereum, and channeling the funds into Cardano and Polkadot. The asset manager believes that both cryptocurrencies will outperform Bitcoin in the long run.
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Author: Obike Favour