Dubai-based FD7 Ventures has announced the launch of a fund in Bangalore, India. He will invest in companies developing projects on the Cardano and Polkadot blockchains.
The fund will annually invest $ 5 million in 50 projects. At the same time, the most successful and promising development teams will be able to receive $ 20 million each. Bangalore was selected due to the location of the Indian Institute of Technology, teams from which are already working on projects in the Cardano and Polkadot networks.
“Indian Institute of Technology attracts the best and most talented developers at Polkadot and Cardano at the university level,” said Prakash Chand, managing partner of the new foundation.
FD7 Ventures plans to create markets for non-fungible tokens (NFT) on both blockchains, Chand said. To develop these markets, the Dubai-based company will attract Bollywood stars as well as cricketers, which are very popular in India.
“FD7 is delighted to be working with Bollywood stars and top cricketers,” said the fund manager.
At the end of February, FD7 Ventures decided to sell $ 750 million worth of bitcoins. The proceeds will be used to purchase Cardano (ADA) and Polkadot (DOT) cryptocurrencies. In total, under the management of the company are various cryptocurrencies worth more than $ 1 billion.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
