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China Blockchain Conflux Gains $10M Investment From DWF
The investment firm bought the blockchain's native token after it signed a deal with China Telecom.
By Brandy Betz
Updated May 9, 2023, 4:09 a.m. Published Mar 1, 2023, 10:36 a.m.
Conflux, which recently agreed to build blockchain-based SIM cards with China's second-largest wireless carrier, received a $10 million investment from DWF Labs, a digital asset market maker and investment firm.
DWF Labs bought tokens of the China-based blockchain platform, which claims to be the only crypto company with approval to operate in the country after the government banned all crypto products in 2021.
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"Conflux's recent partnership with China Telecom is a major milestone for the blockchain industry, and we believe that it demonstrates the potential for Conflux's technology to revolutionize how we think about blockchain-enabled products and services,” DWF Labs managing partner Andrei Grachev said in a statement.
Conflux's CFX token rose more than 8.4% after the announcement.
Read more: What Is a Consensus Mechanism?
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