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Cardano Founder Welcome Dubai Firm FD7 Decision To Sell $750 Million Of Bitcoin To Buy Cardano And Polkadot

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The Dubai-based crypto fund ‘FD7 Ventures’ will sell over $750 million in Bitcoin in the coming month to buy Cardano and Polkadot, The company announced yesterday. Both blockchains are networks that can support low-cost smart contract implementation and offer scalability to new developers.

Cardano and Polkadot are more valuable

The fund has more than $1 billion in net assets, most of which are in Bitcoin. FD7 executives say that BTC has served its purpose and that new blockchains are better than BTC.

“Apart from the fact that Bitcoin was the first to hit the market and society has given it meaning as a store of value, I think Bitcoin is actually quite useless,”

said Prakash Chand, general manager at FD7, in a statement.

He added that Ethereum, Cardano and Polkadot would eventually be more valuable than Bitcoin in the coming years. Chand said the two projects formed the basis of the new internet and Web3. A term used recently to describe the emerging generation of internet startups who do business in a peer-to-peer manner without intermediary intervention.

Charles Hoskinson, The Founder of Cardano, is pleased with the decision of the crypto fund. “Welcome FD7 Ventures into the ecosystem. Let us know if you need technical support,” he tweeted.

FD7 claims to have already started purchasing Cardano’S ADA and Polkadot’s DOT.

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Mark Brennan
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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