A Layer 1 blockchain company called Conflux secured $10 million from DWF Labs.
According to DWF Laboratories on Wednesday, the investment would assist Conflux in developing its technology and expanding its user base. Fan Long, a co-founder of Conflux, verified the investment and noted that it had been completed “a few days ago.”
According to Long, DWF Labs purchased Conflux (CFX) tokens from the project’s team and foundation reserve and would “linearly unlock over time.”
The “strategic investment” made by DWF, he said, would “tremendously” aid Conflux in developing its ecosystem.According to Long, who is also an assistant professor of computer science at the University of Toronto, Conflux was created in collaboration with Andrew Chi-Chih Yao, the only Chinese recipient of the Turing Award and the company’s chief scientist.
The Conflux network launched in 2020, but has recently made headlines due to collaborations it just signed with China Telecom, the nation’s second-largest cellular provider, and Little Red Book, China’s equivalent of Instagram.
According to Long, Conflux is “the first regulatory compliant permissionless blockchain in China” and its main research and development team is made up exclusively of Chinese nationals. We never engaged in ICO [initial coin offering]-like operations, which are strictly prohibited by the Chinese authorities, unlike all other public chains, according to Long. He stated that Conflux received a grant from the Shanghai government in 2021 totaling more than $5 million.
When asked how Conflux differs from other blockchain networks, Long cited the network’s use of the “Tree-graph” consensus method, which enables it to process 3,000 transactions per second with a confirmation time of 23 seconds while retaining a high degree of security.
According to him, this advances public chain technology to higher levels of regular performance. Conflux has been recognized, embraced, and strategically implemented by more than 300 platforms, brands, other IP parties.
Conflux intends to further develop its ecosystem around Hong Kong’s new web3 regulation with the help of additional funding, according to Long.
In a recent declaration, Hong Kong said that it will set aside $6.4 million (HK$50 million) towards the growth of its web3 ecosystem. The Securities and Futures Commission of Hong Kong has released its draft regulations for virtual asset platforms.According to Long, Conflux now employs around 70 employees and doesn’t have any urgent recruiting plans.
Conflux has already received more than $50 million in capital as a result of the DWF Labs investment. According to Long, the initiative has already garnered more than $40 million.
