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FD7 Ventures Launches $ 250 Million Fund To Support Cardano And Polkadot

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.

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