On February 28, FD7 Ventures announced the opening of its office in Bangalore, India. The office will become the company’s epicenter of a $250M project to advance Polkadot(DOT) and Cardano(ADA) trading ecosystems in the country. FD7 plans to use the area’s engineering prowess to improve DOT and ADA-related projects countrywide. Neeraj Singh, a local partner to the company, will lead the project.
The UAE-based crypto investment fund had previously revealed its plans to sell off $750M worth of its BTC assets and use the proceeds to boost its DOT and ADA holdings. According to the company’s recent press release, the two digital assets will grow more popular than BTC among investors.
FD7 stated that the move to start the Bangalore project, a center of engineering talents, aims to further seek bright minds for premium blockchain technology to enhance DOT and ADA ecosystems.
FD7 Eye Profits from NFT’s ‘Bullish Trend’
The company recently made it clear on its plans to invest in NFTs, supporting the idea that both DOT and ADA could be profitable long-term investments. The company plans to use the India Institute of Technology to pick out talents who will work on the project.
Prakash Chand, the Managing Director of FD7, said, “Positioning our new location where we have in Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.”
Chand gave an example of BONDLY, a DOT-based DeFi protocol that built fast profits when content creator Logan Paul sold $5M worth of NFTs in a day. The Managing Director continued to say Non-Fungible Token use cases like cryptographic art and gaming will interest more people in joining the Defi bandwagon.
Charles Hoskinson, the founder of Cardano, welcomed the company to the ADA ecosystem in a tweet, adding that he will offer his full support to the project.
The company’s focus on ADA and DOT is certainly aligned with the tokens’ growing popularity in India. India is one of the few countries where you can buy DOT easily using several methods that include a basic exchange with Indian Rupees.
BuyUcoin is a platform available in India that enables people to convert Rupees to DOT and vice versa. The platform also has a calculator to help investors calculate the amount of DOT they will acquire before initiating a conversion.
NFTs Roads Lead to Indian Entertainment
Chand also shed light on the importance of keeping watch of DOT and ADA ecosystems in the Indian digital market, saying Bollywood and Cricket will not be left behind. He said, “FD7 is excited to have plans underway to work with Bollywood celebrities and star Cricket players on NFT projects in the near future. These are dear friends of mine who also happen to be LP’s in our fund.”