Conflux Network’s $10M funding round propels CFX token rise

Conflux Network’s CFX token rose 9% to as high as $0.24 in the last 24 hours, according to CryptoSlate’s data.

CFX’s value had retraced to $0.22820 at the time of writing.

Developers of the blockchain network said it raised $10 million from DWF labs. According to a March 1 statement, the funds would be used to “expand, innovate, and create a barrier-free blockchain ecosystem.”

DWF Labs reportedly purchased CFX tokens from the project’s team. The tokens would be “linearly unlocked” over an undisclosed period.

Conflux’s recent progress

In 2023, Conflux Network scored significant partnerships with leading Chinese firms like China Telecom and the Asian country’s “Instagram” Little Red Book.

The blockchain network partnered with China Telecom to develop Blockchain-enabled SIM cards (BSIM). China Telecom is the second largest wireless carrier in China.

The partnership is designed to make mobile phones the key to entering the web3 and metaverse. Its integration with the Little Red Book would allow the app users to mint non-fungible tokens (NFTs) that can be displayed on their profile pages.

The blockchain network partnered with Alchemy Pay to “provide an easy fiat on-ramp payment solution that enables users to purchase cryptocurrencies using local fiat currencies.”

Meanwhile, the project’s foundation has burnt over 500 million CFX tokens to make it less inflationary.

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