On March 1, a Layer 1 blockchain company Conflux confirmed to receive $10 million from DWF Labs. The Conflux team announced plans to invest the funds in improving infrastructure and pursue new markets to increase sales. The report revealed that DWF invested in purchasing the Conflux native token (CFX), expected to gain significant traction after a few months.
The Conflux management revealed the received funding would enable the company to create a strong ecosystem.
Chinese Firm Pursuing Crypto Projects
The crypto firm was launched in 2020, marking a new era of a multichain ecosystem that enables developers, users, and investors to connect to the global markets. Recently, Conflux has been making the headline following its partnership with Chinese tech giant Telecom and Little Red Book to cope with the market dynamism.
The co-founder of Conflux, Fan Long, revealed that the company aims to become the first permissionless blockchain fully compliant with Chinese regulations. Therefore the attempt to uphold conformity necessitated Conflux to meet the staffing standards by recruiting Chinese nationals for its research and development unit. Long confessed that the blockchain firm has been at the forefront of supporting crypto transactions except for the initial coin offering (ICO) activities banned in China.
In his address, Long revealed that Conflux’s contribution to the digital space inspired the regulators in Shanghai to provide a grant program worth more than $5 million. Besides the government support, the Conflux team has invested in integrating a Tree-graph to its blockchain network to facilitate 3000 to 6000 transactions per second (TPS).
This development has improved the efficiency and effectiveness of the Conflux systems expediting the generation of confirmation messages in less than 23 seconds. Additionally, the Conflux team have invested in upgrading the folks’ blocks to improve the system security network and safeguard the investor’s assets.Following this, Conflux has more than 300 users of its products and services.
Conflux Pursues New Opportunities
In January, Conflux revealed plans to pursue the Hong Kong market to launch Web3 projects. Long argued that the friendly crypto regulations inspired the move to enter Hong Kong in the region.
According to Long, Conflux aimed to explore the opportunities in Hong Kong to yield more gains and meet the needs of its consumers in the region. Beyond this, the Hong Kong annual budget has assigned $6.4 million towards Web3 projects.
Nonetheless, Conflux has hired 70 personnel to work on improving its multichain ecosystem. Long revealed that the company intends to retain the team working on the project and has no plans to increase the workforce.
Initially, Conflux had raised $40 million towards improving its ecosystem. The additional funding from DWF Labs translates to $50 million.
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