Crypto Fund To Sell $ 750 Million Bitcoin For Cardano And Polkadot - News-Credit-Mortgage-Coin


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Friday, February 26, 2021

Crypto Fund To Sell $ 750 Million Bitcoin For Cardano And Polkadot


$ 750 Million Bitcoin For Cardano And Polkadot

Dubai-based crypto fund FD7 Ventures will sell over $ 750 million of Bitcoin (BTC) next month to buy Cardano (ADA) and Polkadot (DOT), in a statement Thursday. Both blockchains are the highest speed networks that can support low cost smart contract deployment and provide scalability to new developers.

The fund claims to have over $ 1 billion in net assets, mostly Bitcoin. But its executives say the asset serves its purpose and newer blockchains are a better bet. Prakash Chand, FD7 managing director, said in a statement, "Aside from the first time Bitcoin came to the market and the society made it a store of value, I think BTC is actually pretty useless. said. He then added that Ethereum, Cardano, and Polkadot will eventually become more valuable than Bitcoin "in the next few years".

Cardano and Polkadot, the foundation of Web3

Chand said the two projects are the foundation of the "new internet" and Web3.

FD7 cited Cardano's efforts to create a blockchain that meets the needs of unbanked individuals in Africa, and Polkadot's continual development of an ecosystem of Web3 projects.

Meanwhile, Charles Hoskinson, founder of Cardano, congratulated the fund's decision. “FD7 Ventures, welcome to the ecosystem. Let us know if you need any technical support, ”he tweeted.

FD7 claims to have started buying ADA and DOT, native tokens of Cardano and Polkadot, respectively. In the last 24 hours, DOT is trading at $ 32.57, up 4.4%. On the other hand, ADA is at $ 1.16, again with a 4% increase.

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