By Solomon Odunayo
Graph Blokchain Inc., the firm that develops private blockchain business intelligence and data management solutions, has announced its plan to purchase and stake Cardano (ADA) and Polkadot (DOT) via its wholly-owned subsidiary, Babbage Mining Corp.
According to the report, the firm will purposely acquire Cardano (ADA) and Polkadot (DOT) for staking on the respective networks over the coming weeks.
Why Does Graph Blockchain Believe In Both Cardano and Polkadot
In the report, Graph Blockchain showcases its confidence in the two emerging smart contract platforms. The company believes that the two blockchain projects are crucial to the crypto industry.
The firm added that Cardano (ADA) and Polkadot (DOT) have highly ranked development teams, funding, and community with a vast potential for a significant increase in adoption, market share, and asset value.
So, the firm considered the reasons listed above before making the decision to choose the two blockchain projects as the first altcoins it’s supporting via investment and staking.
Read Also: Cardano (ADA) Is Now 90% Decentralized. 100% Comes In a Matter of Days. What Does This Mean?
The report stated that further updates in relation to deployment and detailed educational materials for the two smart contract platforms will be released subsequently.
Graph is a blockchain development firm that provides high-performance blockchain solutions, which include graphic data analysis and consulting services, implementation of data mining analysis via the use of graph databases and speed enhancements of blockchain control system for businesses and governments.
FD7 Ventures Sold Bitcoin (BTC) For Cardano (ADA) and Polkadot (DOT)
While Graph Blockchain processes its proposed purchase, a Dubai-based global crypto investment fund, FD7, has already purchased Cardano (ADA) and Polkadot (DOT). The report stated that Bitcoin worth $750 million was sold to acquire the two digital currencies.
As reported back then, the firm thinks selling the leading cryptocurrency for Cardano (ADA) and Polkadot (DOT) will better serve the needs of its investors who are interested in diversifying their crypto portfolios in the nascent industry.
Commenting on the decision, the Managing Director at FD7 Ventures, Prakash Chand said:
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless. Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years.”
Follow us on Twitter, Facebook, Telegram, and Download Our Android App