A global crypto investment fund based in Dubai with US$1 billion under management has announced plans to sell off their current Bitcoin holdings over the span of 30 days.
FD7 Ventures is led by Prakash Chand and Q Dhalla, with operations in Toronto and Dubai. The plan details US$750 million worth of their current BTC holdings as being transferred or converted to Cardano (ADA) and Polkadot (DOT). According to the company, the increase was meant to solidify their positions on these cryptocurrencies and simultaneously serve the needs of FD7 investors looking to diversify their portfolios in the crypto space.
"As the space grows, execution risk remains in both storage and custody, and vetting of credible investment alternatives. Our mission is to offer a de-risked and credible path for seasoned investors to enter the space,” said Chand, Managing Partner of FD7 Ventures.
FD7 manages cryptocurrency assets for high-net-worth investors, and its founders have previous records of serial entrepreneurship and startup scaling.
“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.”
Cardano founder Charles Hoskinson and Polkadot founder Dr. Gavin Wood are prominent figures in the crypto scene. Both developers were among the core dev team and co-founders of Ethereum alongside Vitalik Buterin. The potential impact of their projects are significant not just to the cryptocurrency space, but also to the world's burgeoning digital economies. With the upcoming upgrades to Ethereum as Ethereum 2.0 matures, these projects are steadily gaining ground and quickly receiving support from the investment institutions such as FD7.
Hoskinson's project with Cardano is working towards a multi-use case blockchain solution for enterprise, education, retail, agriculture, government, finance, and health care. Dr. Gavin Wood's Polkadot, on the other hand, is building an ecosystem of interoperable, scalable, and forkless Web3 projects that opens the horizon to a fully decentralized, user-governed and user-driven platform.
“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,” said Chand.
FD7 Ventures has initiated the processed of conversion for their Bitcoin (BTC) to Cardano (ADA) and Polkadot (DOT) and expects to complete the conversion transactions by mid-to-end of March this year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.