FD7 Ventures Sold Bitcoin Holdings to Buy $380M Worth of Cardano

Dubai-based crypto investment fund, FD7 Ventures said it has completed the purchase of $380 million worth of Cardano (ADA) tokens using the funds it collected from selling its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term holdings.

The news comes shortly after the firm launched a micro-fund that will focus on investments in projects building out on Cardano (ADA) and Polkadot (DOT). Additionally, the investment fund opened a new office in Bengaluru, a city widely regarded to be the IT hub of India.

FD7 Ventures, which claims to be sitting on $1 billion in digital assets under management, revealed plans in February to unload $750 million worth of their Bitcoin holdings to buy the two altcoins.

The move is part of the fund’s strategic road map to diversify its portfolio in the cryptocurrency space. While Bitcoin presents stronger long-term opportunities, the popular cryptocurrency has become a relatively mature asset. That is why alternative successful coins have captured investor interest.

FD7 Expects ADA and DOT to Outperform Bitcoin

The excitement around the two tokens was apparent in the crypto sphere over the last few days. Polkadot price hit an all-time peak last week as network upgrades occurred in early March allow its network to connect with other established blockchains like Bitcoin and Ethereum.

There is a lot to watch out for on the horizon, including Cardano (ADA). The token has been trading in a robust uptrend for the past few months as its upcoming update will allow users to create tokens from scratch on top of the Cardano Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

Prakash Chand, FD7 Managing Partner, says he predicts that ‘the price of Cardano (ADA) and Polkadot (DOT) could rise to approximately 20X within the next 2-3 years.’ According to Chand, his bullish stance on altcoins is based on a belief that institutional money will flow into Cardano, Polkadot and Ethereum at an adoption rate much faster than what has been seen with Bitcoin.