Dubai-based finance firm FD7 Ventures has announced that it will sell more than $ 750 million worth of Bitcoin next month to buy Cardanao (ADA) and Pokaldot (DOT) instead of Bitcoin. Both cryptocurrencies offer Blockchain which has a high speed network and the use of smart contracts at low cost.
The financial firm that manages the crypto fund claims that they own more than $ 1 billion in net assets, most of which consist of Bitcoin. However, FD7 Venture executives stated that Bitcoin cryptocurrency assets have fulfilled their purpose and on the other hand the new generation blockchain is more attractive for the long term.
FD7 managing director Prakash Chand said in a statement that Ethereum, Cardano, and Polkadot are expected to be more valuable than Bitcoin in the next few years.
Chand also said that ADA and DOT use the ‘new generation internet’ and Web3 which allows handling without intermediaries. FD7 exemplifies that Cardano is able to offer solutions to individuals in Africa who do not have bank accounts and Pokaldot for the development of the Web3 project ecosystem.
Cardano founder Charles Hoskinson welcomed the FD7 move and gave its full support. Cardano is currently trading at $ 1.12 per unit and Pokaldot is trading at $ 30.77.
