|-FD7 ventures sell $750M worth BTC to increase ADA and DOT holdings.|
-Both the firm founders are part of the original seven co-founders of Ethereum.
-The transaction will be completed by mid-to-end of March.
FD7 Ventures with $1 billion under management, has announced that they are planning to sell $750M worth of BTC holdings over the next 30 days. In order to increase the firm’s position in Cardano (ADA) and Polkadot (DOT).
FD7 Ventures Sell Bitcoin to Increase Cardano and Polkadot Holdings
Global cryptocurrency investment fund FD7 ventures sell $750M worth of Bitcoin to increase Cardano and Polkadot holdings. However, the increase in altcoin holding might increase the needs of FD7 investors. In addition, these investors look to diversify the portfolios in the growing crypto industry.
FD7 Ventures Managing Director Prakash Chand said,
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless…Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.”
Both the founders Charles Hoskinson, and Dr. Gavin Wood seems to be the brightest minds working in the crypto development space today. Moreover, both of them are also part of the original seven co-founders of Ethereum.
Moreover, Cardano’s ADA team works towards a blockchain solution to address the needs of millions of unbanked individuals in Africa and other countries. While Polkadot continues to build out a space for moonshot projects that enable a fully decentralized platform for Web3 where users are in control.
More so, the FD7 Ventures has already begun the process of changing their Bitcoin (BTC) to Cardano (ADA) and Polkadot (DOT). And also expects to complete the transactions by mid-to-end of March.
According to CoinGecko, the cryptocurrency ADA price is at $1.14 and DOT is at $33.35, at the time of writing.