Conflux, a Layer 1 blockchain developer, raises $10 million from DWF Labs. This investment will help Conflux develop its technology and grow its user base. Conflux co-founder Fan Long also confirmed the investment, saying it was settled “a few days ago.”
Conflux has Raised $10 Million from DWF Labs
DWF Labs purchased Conflux (CFX) tokens from the project team and foundation reserves, which will be unlocked linearly over time.
Develeopment of the Company
Conflux was created by Fan Long, who is also an assistant professor of computer science at the University of Toronto, and Andrew Chi-Chih Yao, the only Chinese Turing Award winner, who serves as the chief scientist of Conflux.
The Сonflux network was launched in 2020, but has recently made headlines with partnerships with China Telecom, China’s second largest mobile operator, and Little Red Book, China’s version of Instagram.
“Сonflux is the only regulatory compliant permissionless blockchain in China and the project’s core research and development team is entirely Chinese. Unlike all other public chains, we never did ICO [initial coin offering]-like activities, which are restrictively banned by the Chinese government.” – Сonflux co-founder Fan Long said.
He also added that In 2021 the Shanghai government provided a grant of over $5 million to Сonflux. It is worth noting that Conflux is different from other blockchain networks as the network’s “Tree-graph” consensus algorithm allows it to achieve a capacity of 3,000 transactions per second with a confirmation time of 23 seconds, all while maintaining a high level of security.
Additionally, Long informed: “This elevates public chain technology to new levels of day-to-day performance. Over 300 platforms, brands, and IP parties have recognized, adopted, and strategically incorporated Conflux.”
Future Plans
With the new capital, Сonflux plans to continue expanding its ecosystem around Hong Kong’s new web3 policy.
Hong Kong recently announced that it will allocate US$6.4 million (HK$50 million) to develop the Web3 ecosystem. Hong Kong’s Securities and Futures Commission recently released proposed rules for virtual asset platforms.
Currently, Сonflux’s team consists of about 70 members, and the project has no immediate hiring plans. The investment from DWF Labs brings Сonflux’s total funding to date to over $50 million. The project has so far raised over $40 million, according to the reports.
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