Dubai based FD7 Ventures, plans to sell $750M worth of its Bitcoin over the next 30 days
The global investment fund will use the proceeds to increase the company’s position in Cardano (ADA) and Polkadot (DOT)
The company explained the move was in response to the needs of its investors
Cardano’s founder, Charles Hoskinson, welcomed FD7 into the ADA ecosystem
FD7 Ventures, a Global Crypto Investment Fund based in Dubai, has announced that it plans to sell $750 million worth of its Bitcoin holdings in the next 30 days. FD7 Ventures, which has over $1 Billion in assets under management, plans to use the proceeds of the sale of the Bitcoin to increase its holdings in Cardano (ADA) and Polkadot (DOT).
The company went on to explain that the move to increase its altcoin holdings of Cardano (ADA) and Polkadot (DOT) was to better serve the needs of FD7 investors ‘who are looking to diversify their portfolios in the growing cryptocurrency space’.
Cardano, Polkadot and Ethereum are the Foundation of Web 3.0
The Managing Director of FD7 Ventures, Prakash Chand, went on to emphasize that Ethereum, Cardano and Polkadot were at the core of Web 3.0.
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. Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.
Mr.Chand went on to forecast that Ethereum, Cardano and Polkadot could be more valuable than Bitcoin within the next few years based on the real-life use cases of each blockchain project.
Charles Hoskinson Welcomes FD7 Ventures to the ADA Ecosystem
The founder of Cardano, Charles Hoskinson, took to Twitter to welcome FD7 Ventures into the ADA ecosystem. Mr. Hoskinson also informed FD7 Ventures that the team at Cardano was willing to assist with any form of technical support that they might require.