FD7 Ventures, a global crypto investment fund headquartered in Dubai with US$1 billion under management has announced the opening of a new location under their company in Bangalore. The new office will operate through FD7’s micro-fund targeting US$250 million in investments, with a focus on building out teams working on projects that support the development of the Polkadot (DOT) and Cardano (ADA) ecosystems.
The decision to open an office in Bangalore is aligned with the crypto investment fund’s strategic roadmap to build presence in Bangalore. The city, officially known as Bengaluru, is based in the Indian state of Karnataka, and is considered to be home to some of the country’s finest engineering talent. The Bangalore-based initiative will be headed by Neeraj Singh, FD7 Venture’s local partner.
The current initiative may come under fire as bills to ban digital or virtual currencies such as crypto have been leveled by the Indian central bank, pronouncements which have then led to a 2018 ban on crypto and other digital currencies. In an interview with business news channel CNBC, Reserve Bank of India (RBI) governor Shaktikanta Das opined that India’s central bank had “certain major concerns about cryptocurrency” amid a current bill slated for parliamentary introduction, consideration and passing.
“The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” stated the Lok Sabha Bulletin.
The bill in question is called “Cryptocurrency and Regulation of Official Digital Currency Bill” and is projected at creating “a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”
This follows a year after a ban pronounced by RBI in April 2018, details of which were issued in a circular discouraging the use of virtual currencies, under which cryptocurrencies are classified. The circular was later overturned by India’s supreme court after a plea filed by the Internet and Mobile Association of India (IMAI) in objection to the ban. While the RBI is open to the idea of digital version of fiat currency, it is still exploring how to align it with how the country’s financial system operates.
Despite these previous circumstances, FD7 Venture’s commitment to bolstering blockchain development continues.
“The India Institute of Technology (IIT) is churning out top talent who are already working on Polkadot and Cardano projects at the university level.” says Prakash Chand, Global Managing Director at FD7 Ventures. “Positioning our new location where we have in Bangalore gives us a homefield advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development,” Chand added.
The new fund is aimed at creating investments of approximately $1-5 million across 50 companies yearly, with about 30% of the investments poured into Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20M, relative to growth metrics.
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