- FD7 Ventures’ Prakash Chand sees Cardano, Polkadot and Ethereum as long-term investments with a world-changing magnitude.
- The investment fund is launching a new $250 million fund in Bengaluru, India, to invest in developer teams for Polkadot and Cardano.
Dubai-based investment fund FD7 Ventures made headlines a few days ago when it announced it was selling $750 million in Bitcoin to invest in Cardano (ADA) and Polkadot (DOT). In an interview with James Kever of “Your Cardano Update”, Prakash Chand, co-founder and managing partner at FD7 Ventures now talked about the reasoning behind the decision.
Chand predicted that the crypto market is still in an earlier stage compared to the emergence of the World Wide Web and today’s Internet giants:
The co-founder of FD7 Ventures also outlined that he is not interested in a short-term investment or one specific price target. The fund holds Cardano, Polkadot, and Ethereum for the long term “because these are world-changing projects.” As Chand explained, he believes they will not be just a means of payment or a store of value, like Bitcoin.
That will be projects we see disrupt from finance, to education, you name it. And I always bet on the jockey not on the horse, and when I look at projects like Cardano, like Polkadot, like Ethereum; the founders have a track record, they already build something, and I would not bet against them. It’s just like I would never bet against Tom Brady or LeBron James, they win over and over again. It’s the same way with Elon Musk.
Chand also emphasized that the entire crypto space is “still in a very early” stage and “the party hasn’t even started yet.”
Just yesterday, FD7 Ventures doubled down its decision by opening a new office in Bangalore, India. The new location will house a $250 million target FD7 microfund focused on investing in teams developing Cardano and Polkadot based projects.
The fund aims to distribute investments of approximately $1 million to $5 million to more than 50 companies annually. About thirty percent of the projects are also expected to receive additional follow-on funding of $5 million to $20 million, depending on their growth metrics. One focus for FD7 could be on NFT projects, Chand revealed in a press release:
Just look at Bondly, which is built on Polkadot. It literally blew up overnight when YouTuber Logan Paul sold more than 5 million dollars’ worth of NFTs in just 24 hours. This is not just a space to watch but one which is proving its investment-worthiness with almost daily records being set with increased use cases for non-fungible tokens that support cryptographic art, collectibles, gaming and more.
For the Indian market specifically, FD7 said it is “excited about plans to work with Bollywood celebrities and star cricket players on NFT projects in the near future.”