- DWF Labs purchased an additional $18M in Conflux Network’s CFX tokens, marking a deeper commitment to the blockchain’s growth.
- Conflux Network, which recently collaborated with China Telecom for blockchain SIM (BSIM) cards, continues to gain traction.
- Funds raised will be used to expand the Conflux ecosystem in Asia and Hong Kong, support developer communities, and facilitate real-world asset integration.
DWF Labs, a prominent global digital asset market maker and Web3 investment firm, has amplified its support for Conflux Network. They have purchased an additional $18 million worth of CFX tokens.
This acquisition comes after a previous $10 million investment in March 2023. It solidifies DWF Labs’ commitment to the rapidly growing Layer-1 blockchain platform. Moreover, it is important to note here that DWF Labs is an affiliate of Digital Wave Finance (DWF). A digital asset market maker and multi-stage Web3 investment firm.
Co-founder of Conflux Network, Fan Long, remarked,
“DWF Lab has been instrumental in supporting Conflux Network’s exponential growth, pioneering advancements in the Chinese NFT market and establishing new Web3 access through the BSIM card project with China Telecom. This capital infusion strengthens our partnership and acts as a catalyst for our mutual ambition to expand the Conflux ecosystem.”
Conflux Network is a permissionless Layer-1 blockchain facilitating cross-border and protocol connections. It recently migrated to hybrid PoW/PoS consensus and boasts a fast, secure, and scalable blockchain environment. Notably, it’s the only regulatory-compliant public blockchain in China.
Conflux Network has been experiencing a surge in traction since February 2023, backed by critical partnerships, notably the collaboration with China Telecom. Together, they are developing a blockchain SIM (BSIM) card, which was first announced in May.
Furthermore, Conflux Network has recently become a member of the Web3 Institute in Hong Kong, engaged in the Singapore Digital Economy Roundtable. It contributed significantly to the drafting of IEEE P3217, an international blockchain standard by the Institute of Electrical and Electronics Engineers.
It has also announced collaborations with several entities including Supremacy, dappOS, NuLink, Smooth Labs, and Opside. Conflux’s escalating growth has been propelled by DWF Labs’ substantial contributions.
Conflux Network has since forged ecosystem partnerships with various entities, such as Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with more in the pipeline. What’s next in Conflux’s growth era, only time will reveal.