Crypto Investment Fund FD7 Purchases $380 Million Cardano

Deepshikha  |  Mar 6, 2021

The crypto investment fund, FD7 Ventures, has sold Bitcoin holdings worth $750 million, to buy $380 million worth of Cardano (ADA). The token is collected from selling its Bitcoin holdings.

Shortly after the firm launched a micro-fund to invest in projects, building out on Cardano (ADA) and Polkadot (DOT), it grabbed everyone’s attention. The investment fund opened the office in the IT hub of India, Bengaluru.

 Crypto Fund FD7 Ventures Cardano Plans

The plans for the projects were revealed last month. FD7 Ventures, which claims sitting on $1 billion in digital assets, plans to unload $750 million worth of Bitcoin to buy only two Altcoins

The purchase is a part of the fund’s strategic roadmap to diversify the portfolio in the crypto-space. On one hand, the investment in Bitcoin offers stronger long-term opportunities, it comes with great volatility in the prices as well. Also, Bitcoin has now become a relatively mature asset. This is why investment in alternative coins is capturing investor interest. 

Prakash Chand, FD7 Managing Partner, predicted that “the price of Cardano (ADA) and Polkadot (DOT) could rise to approximately 20X within the next 2-3 years.” According to Chand, the bullish stance on altcoin is based on the belief that adoption of certain altcoins is high and soon the money will flow into them at a much faster rate than Bitcoin.

Cardano Robust Uptrend 

There is a lot to watch out for Altcoins. Cardano (ADA) has been trading in a robust uptrend for the past few months. This upward trend is allowing users to invest more and create tokens from scratch on top of the Cardano blockchain.

The excitement around these two tokens i.e; Cardano and Polkadot in the crypto-sphere over the last few days is growing continuously. On one side, Cardano is experiencing a robust uptrend, Polkadot’s price is also hitting an all-time-peak since last week. From the latest, Polkadot’s last week network upgrades in early march allow the network to connect with other established blockchains like Ethereum or Bitcoin. 

Related News