In India, Dubai-based FD7 Ventures Has Started A New $250 Million Fund That Will Invest In Cardano And Polkadot Developer Teams.

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FD7 Ventures

FD7 Ventures, an existing Dubai-based startup accelerator, is making a new $250 million fund debut in Bengaluru, India, to fund projects on Polkadot and Cardano.

The organization will provide $5 million a year for each company to fund up to 50 projects, one each month. The most successful of these firms would be eligible for an additional $20 million in funding.

As you can see, Banares has a high concentration of Indian Institutes of Technology (IIT) affiliates in India. One of them is Google CEO Sundar Pichai, and Fairfax Financial CEO Prem Watsa is also based here. In a recent Bloomberg post, Fund Managing Partner Prakash Chand states that the IIT is working on Cardano and Polkadot-powered projects.

Polkadot and Cardano developers are working at IIT-Delhi undergraduate level.

FD7 Ventures also aims to build a market for non-fungible tokens (NFTs) using the two top block chains. Bollywood celebrities and cricketers will be involved in Chand’s promotion efforts.

FD7 is pleased to announce that NFT plans are collaborating with Bollywood celebrities and star cricket players. I would like to introduce you to two dear friends of mine who are LP’s in our fund.

FD7 turns Bitcoin off and replaces it with Cardano and Pokladot.

In addition to their previous plan to liquidate $750 million from Bitcoin to fund both Cardano and Polkadot, FD7 recently announced that they will now use all of this money to buy more Cardano and Polkadot. The acquisition of BTC by the company was announced in February of this year.

However, the author of The Bitcoin Standard, Saifedean Ammous, was skeptical of the life of the fund:

Lots of hype of false news about a bogus fund that allegedly sells bitcoin that they don’t even have to buy.

As an interesting but not crucial fact, the website of FD7 lacks any information about its address or its founders.

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