The Dubai-based Crypto Investment fund FD7 Ventures has announced in a press release that a $250 Million micro fund will be set up in Bangalore, India to invest in Cardano and Polkadot.
The venture recently sold off a huge chunk of Bitcoin holdings worth $750Million, to invest in Polkadot and Cardano. Banking on their ability and potential to outperform BTC in the market.
This $250 Million investment disbursement will be their first plan of action towards investing in the ecosystems. The investment will be made in teams working on both ecosystems.
The plan is to invest $1 – 5 Million throughout 50 firms yearly and a further secondary investment of $5-20 Million in 30% of those Polkadot and Cardano ecosystem-based companies.
Why Bangalore, India?
The venture’s decision to set up an office in Bangalore, India is backed by multiple region-specific advantages that could be utilized, one such is Bangalore is the hub for countries leading tech talent. Which are mostly born out of India’s university programs, specifically IIT’s.
The Global Managing Director Prakash Chand in his statement says
“The Indian Institute of Technology is churning out top talent who are already working on Polkadot and Cardano projects at the university level”.
“ Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development”.
The primary focus of the Bangalore office will be offering financial assistance to Polkadot and Cardano. The fund will be led by local partner Neeraj Singh.
The NFT hype is real and here to stay
The is betting big on the possibility of NFT’s shooting up in the coming years, the craze around non-fungible tokens has been enormous nowadays. People seem to be heavily interested in digital arts, game cards, etc.
Chand put light on the recent collaboration between Youtuber Logan Paul and Bondly ( built on polkadot) he said
“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 NFT’s 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”.
Chand also mentioned that the company could be collaborating with actors and cricket players of the nation for NFT projects in the future.