CDS Startups Conflux has Raised $10 Million from DWF Labs 

Conflux has Raised $10 Million from DWF Labs 

Conflux has Raised $10 Million from DWF Labs

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
Conflux has Raised $10 Million from DWF Labs  1

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.

Conflux has Raised $10 Million from DWF Labs
Conflux has Raised $10 Million from DWF Labs  2

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.

Conflux has Raised $10 Million from DWF Labs
Conflux has Raised $10 Million from DWF Labs  3

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.


Check out more of our latest news here

Written by

The author is 28 year old student recently graduated from Celal Bayar University, Faculty of Medicine. Currently he works as a writer and translator for different platforms.

Leave a comment

Leave a Reply

Related Articles

MicroStrategy Bitcoin Investment Triumphs, Shorts Stung with 2B Dollars Loss

MicroStrategy's stock, MSTR, has outperformed even the price of BTC itself, skyrocketing...

Phoenix AI Ecosystem Fund Launched with Contributions from JDI Group and Tensor

20 Million Dollar Phoenix AI Ecosystem Fund launched.

MicroStrategy Acquires 3,000 BTC Amid Bitcoin ETFs’ Impending Overtaking of Gold ETFs

MicroStrategy's recent Bitcoin acquisition aligns with forecasts suggesting that Bitcoin ETFs could...