FD7 Ventures sold $750 million in Bitcoin to buy Cardano, Polkadot

in CryptoDog3 years ago

FD7 Ventures, a Dubai-based cryptocurrency fund, will sell Bitcoin worth more than $750 million next month, instead buying Cardano and Polkadot. Both blockchains are high-speed networks that can support low-cost smart contract deployment and provide scalability for new developers.

The fund claims to have more than $1 billion in net assets, most of which are Bitcoin. However, the company's executives stated that the asset has achieved its purpose and the updated blockchain is a better choice. FD7 Managing Director Prakash Chand said in a statement: "Except that Bitcoin was the first to enter the market, and society has given it meaning as a store of value, I think Bitcoin is actually useless. He added that Ethereum, Cardano and Polkadot will eventually be more valuable than Bitcoin "in the next few years."

Chand said that these two projects are the foundation of the "new Internet" and web3. web3 is used in recent years to describe the upcoming generation of Internet startups, which conduct business in a peer-to-peer manner and do not rely on middlemen.


FD7 stated in its release that some of these examples are Cardano's efforts to create a blockchain solution to address the needs of individuals without bank accounts in Africa, and Polkadot's continued development of the Web3 project ecosystem.

At the same time, Charles Hoskinson, the founder of Cardano, seemed to congratulate the fund's decision. "Welcome FD7 Ventures into this ecosystem. If you need any technical support, please let us know."


FD7 claims to have started buying ADA and DOT, which are the native tokens of Cardano and Polkadot, respectively. In the past 24 hours, the price of DOT has fallen by 9%, in line with the prices of other tokens in the falling market. In contrast, Cardano bucked the trend and rose 4%.

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