Dubai-headquartered crypto investment fund FD& has opened a Bangalore office and also launched a micro-fund that will focus on investments in teams building out projects that further the Polkadot (DOT) and Cardano (ADA) blockchain ecosystems.
The fund, which is looking to raise $250 million, will be led by local partner Neeraj Singh.
FD7’s new fund aims to make investments of approximately $1-5 million across 50 companies yearly, with roughly 30% of those Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20 million, depending on their growth metrics, it said in a statement.
The move is part of the fund’s strategic road map to building a presence in Bangalore, an area widely considered as a hub for the nation’s top engineering talent, the statement added.
“The India Institute of Technology (IIT) is churning out top talent who are already working on Polkadot and Cardano projects at the university level,” said Prakash Chand, Global Managing Director at FD7 Ventures said.
“With my last company, Ask The Doctor, my team consisted of many IIT grads and I saw first-hand the amazing quality of programming from these engineers. 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.”
Last week, FD7 announced plans to sell off $750 million worth of its Bitcoin holdings over the next 30 days to increase the company’s position in Cardano and Polkadot. FD7 claims to have $1 billion in Bitcoin under management.
The fund also has an office in Toronto and makes investments in all stages of crypto and blockchain projects.
Last month, Twitter CEO Jack Dorsey also announced that he is planning to give 500 BTC to a new endowment to fund the development of Bitcoin in India and Africa.
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