- DWF Labs became the main investor
- Raised funds are used to create their own ecosystem
Layer1 blockchain developer Conflux attracts $10 million investment from DWF Labs as part of the token round. The funds are planned to be used to expand technology and increase the number of users.
Fan Long, co-founder of the company, confirmed the receipt of funds and added that these investments will greatly help in creating a new ecosystem.
“DWF Labs has bought Conflux (CFX) tokens and will unlock them over a period of time,” Long said.
The Conflux network has been running for almost 3 years now. It recently entered into a partnership with China Telecom, the second largest wireless carrier in China. They want to jointly develop a blockchain-enabled SIM card. Amid this news, the CFX token rose almost 7 times in just seven days.
Fan Long said that the development team consists of only Chinese.
“Conflux is the only permissionless blockchain in China that is compliant with regulations. Unlike everyone else, we have never conducted an ICO, which is prohibited by the Chinese government – said the co-founder of the company”
The company currently employs about 70 people and has no plans to hire staff. Thanks to the investment, Conflux’s total funding today is more than $50 million.