Dubai-based crypto investment fund FD7 Ventures, with $ 1 billion in assets under management, has announced plans to sell $ 750 million worth of bitcoins to increase positions in Cardano and Polkadot.
The company expects to complete the conversion within 30 days and complete it by mid to late March.
According to the press release, the increase in altcoin assets “will better serve the needs of FD7 investors looking to diversify their portfolios in the growing cryptocurrency space.”
“Apart from the fact that bitcoin was the first on the market and was recognized by the public as a store of value, I think it is actually quite useless. Projects such as Cardano, Polkadot and Ethereum are the backbone of the new Internet and Web 3.0, ”said FD7 Managing Director Prakash Chand.
In a statement, the company named Charles Hoskinson and Gavin Wood, founders of Cardano and Polkadot, respectively, “two of the brightest minds in the cryptocurrency space today.” Both were part of the original seven Ethereum co-founders.
“I have been fortunate enough to spend a lot of time with some of the brightest minds in the industry, and I bet Ethereum, Cardano, and Polkadot will become more significant than Bitcoin over the next few years,” added Chand.
Previously, clients of investment banks Goldman Sachs, JPMorgan and UBS invested in Polkadot through an Exchange Traded Product (ETP) based on the coin from 21Shares.
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