FD7 Ventures, a Dubai-based crypto-investment fund with assets under management of $1 billion, announced plans to sell Bitcoin worth $750 million to increase holdings in Cardano and Polkadot.
The conversion is expected to take place within 30 days and be completed by mid-to-late March.
According to the press release, increasing exposure to altcoins “will better satisfy the needs of FD7’s investors, who are seeking to diversify their portfolios in the growing crypto space.”
“Apart from the fact that Bitcoin was first to the market, and society has recognised it as a store of value, I think it is actually somewhat useless. Projects such as Cardano, Polkadot and Ethereum are the backbone of the new internet and Web 3.0,” said Prakash Chand, managing director of FD7.
What is Cardano (ADA)?
In a statement, the company named Charles Hoskinson and Gavin Wood, the founders of Cardano and Polkadot respectively, “two of the brightest minds in the modern crypto space.”
“I’ve been fortunate to spend a lot of time with the industry’s brightest minds, and I’d bet that Ethereum, Cardano and Polkadot will become more significant than Bitcoin in the coming years,” added Chand.
As noted, clients of investment banks Goldman Sachs, JPMorgan and UBS invested in Polkadot via a listed product (ETP) based on the coin from 21Shares.
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