UAE crypto investment fund dumps almost 1 billion USD of bitcoin to buy Cardano and Polkadot
UAE based FD7 Ventures, a global crypto investment fund with $1 Billion USD under management and presence in both Canada and the UAE, plans to sell off 750M USD worth of their Bitcoin holdings over the next 30 days to increase the company’s positions in Cardano (ADA) and Polkadot (DOT).
The move will effectively sell-off a majority of the company’s Bitcoin holdings to purchase rising projects Cardano and Polkadot. According to the company, the increase in these altcoin holdings will better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.“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,” Says Prakash Chand, Managing Director at FD7 Ventures. “Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.”
Both the founder of Cardano, Charles Hoskinson, and the founder of Polkadot, Dr. Gavin Wood, are considered to be two of the brightest minds working in the crypto development space today. Both figures were part of the original seven co-founders of Ethereum. In their current roles, Hoskinson and Wood lead projects that are regarded as having the potential for significant worldwide impact. Cardano’s ADA team is working towards a blockchain solution to address the needs of millions of unbanked individuals in Africa and other countries while Polkadot continues to build out an ecosystem of “moonshot” projects that enable a fully decentralized platform for Web3 where users are in control.
“I’ve been lucky enough to spend lots time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years,” continued Chand.
FD7 Ventures has already begun the process of converting their Bitcoin (BTC) to Cardano (ADA) and Polkadot (DOT) and expects to complete the conversion transactions by mid-to-end of March.
As per their website their portfolio investment includes Cosmos, Ethereum in addition to Cardano and Polkadot.
