The fund executive FD7 Ventures claimed that Bitcoin is “quite useless” and considers that Polkadot and Cardano are better options.
An investment fund is exchanging Bitcoin for two other cryptocurrencies, and none of them are Ethereum. This cryptocurrency investment fund comes from the United Arab Emirates.
Dubai-based FD7 Ventures announced its intentions to sell a total of $ 750 million of its Bitcoin (BTC) holdings to increase its positions in Cardano (ADA) and Polkadot (DOT). The sale represents the majority of the company’s Bitcoin holdings.
The crypto investment fund with $ 1 billion under management said it would take over the Move for the next 30 days. The Move intends to better respond to FD7 investors looking to diversify their portfolios in the crypto environment.
According to the statement, company executives consider that the leading cryptocurrency has already accomplished its goals, and new Blockchain projects “on the rise” represent a better option.
On this matter, Prakash Chand, managing director of FD7 Ventures, stated that aside from the fact that Bitcoin was the first to be traded and society has given it meaning as a store of value, Bitcoin is quite useless.
Ventures are Trading Bitcoin for Cardano and Polkadot
Polkadot and Cardano are high-speed networks that can support low-cost smart contracts and provide new developers’ scalability.
They are part of the group of so-called ‘third-generation blockchains,’ which seek to solve the main problems experienced by previous Blockchain projects, such as transaction speed, shipping costs, network efficiency, etc.
The managing director of FD7 Ventures added in this line that “projects such as Cardano, Polkadot, and Ethereum are the basis of the new Internet and Web 3.0”. Furthermore, Chand seems confident that these coins will eventually outperform Bitcoin.
The Cardano team is working towards a Blockchain solution to address millions of unbanked people in Africa and other countries. Simultaneously, Polkadot continues to build an ecosystem of “moonshot” projects that enable a fully decentralized platform for Web3 where users are in control.
Cardano co-founder Charles Hoskinson seemed enthusiastic about the news and congratulated the investment fund. Through a tweet, Hoskinson wrote: “Welcome to FD7 Ventures to the ecosystem. Please let us know your needs for technical support, and we would love to see you at Catalyst. “
This Move Represents a big Boost for Polkadot and Cardano
FD7 claims to have already started its ADA and DOT purchase and expects to consolidate both transactions between mid-to-late March. Although the fund executive added Ethereum among the most relevant projects, the firm did not mention whether it plans to invest a considerable amount of its capital in cryptocurrency. (FD7 currently manages holdings in ether.)
Polkadot, which has just undergone an update, plans to launch Parachain’s testnet, the last piece of core functionality that will allow the network to realize its scalable multi-chain architecture.
By: Jenson Nuñez
