Web3 investment firm DWF Labs announced that it has invested $10 million in Conflux, a China-based next-generation blockchain platform.
This investment by DWF Labs follows China Telecom’s blockchain-enabled SIM card (BSIM) partnership with Conflux last month. The BSIM card is allegedly capable of storing NFTs with transfer support and exchange functionality.
Conflux Stands Out Thanks to Its Features
The partnership between China Telecom and Conflux last month aims to create blockchain-enabled SIM cards (BSIM) on Conflux’s hybrid proof-of-work.
CFX, Conflux’s native crypto asset, is on the rise after a $10 million investment by DWF Labs. According to CoinMarketCap data, CFX was priced at $0.23 at the time of this writing, up 8.15 percent. The rises of the asset in the last two weeks have exceeded the 300 percent level. After the project’s agreement with China Telecom last month, the CFX price rose from $0.05 to $0.35.
Commenting on the investment made by DWF Labs, Conflux CTO Ming Wu said: “We are pleased that DWF Labs, one of the most respected and experienced blockchain investors in the world, chose to invest in Conflux. We look forward to working with them and leveraging their expertise to accelerate the adoption of our platform.”
Andrei Grachev, Managing Partner of DWF Labs, stated that Conflux’s partnership with China Telecom is a milestone for the blockchain industry and they are excited to work with Conflux.
Conflux’s Three-Graph consensus algorithm and other highlights of the platform such as interoperability, scalability, and security helped the project become a leading blockchain platform.
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