DWF Labs, the new generation Web3 investor and market maker, has further strengthened its commitment to support the growth of Conflux, a Layer-1 (L1) blockchain that uses the Tree-graph consensus algorithm, with another round of crypto venture capital.
Excited to announce our strengthened commitment to support the growth of @Conflux_Network ⚡📈 pic.twitter.com/PDoziFwwjJ
— DWF Labs (@DWFLabs) June 28, 2023
Conflux has been gaining significant traction since 2023 on the back of some key partnerships, including the signature collaboration with China Telecom, announced on February 15th, with the goal of developing a blockchain SIM (BSIM) card that was first unveiled in May 2023.
DWF Labs recently purchased $28 million worth of Conflux’s native cryptocurrency, CFX, cementing the long-term relationship between the crypto venture capital firm and the blockchain platform. This follows the first crypto funding round of $10 million, announced in March 2023.
We have made significant contributions to placing Conflux on the global stage through project introductions. Conflux has established ecosystem partnerships with Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with a growing list of ongoing partnerships being discussed. Additionally, our company has co-hosted multiple crypto events in Hong Kong, Tokyo, and Paris.
Fan Long, Conflux Network’s co-founder, said:
‘Conflux Network has experienced exponential growth since the start of 2023, pioneering advances in the Chinese NFT market and establishing fresh Web3 access through the BSIM card project with China Telecom. DWF Labs is one of the key supporters of Conflux. This infusion of capital not only strengthens our bond, but also acts as a catalyst for our shared ambition to expand the Conflux ecosystem. Conflux plans to leverage the raised funds to further fuel its ecosystem growth in Asia and Hong Kong, empower burgeoning developer communities, and bring an increasing number of real-world assets onto the Conflux chain.’
Andrei Grachev, Managing Partner of DWF Labs, shared:
‘We take great pride in our role as supporters of Conflux throughout its remarkable growth trajectory. It exemplifies our commitment to backing projects with immense potential and providing the necessary support to fill in the missing pieces of the Web3 puzzle. Our deep understanding of the crypto market has served as a compass for Conflux, allowing it to fully express its potential on the global stage. We are delighted to have played a part in Conflux’s journey towards success.’
About Conflux
Conflux is a permissionless L1 blockchain connecting decentralised economies across borders and protocols. Recently migrated to a hybrid consensus protocol combining Proof-of-Work and Proof-of-Stake, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects that are building and expanding into Asia. Conflux has collaborated with global brands and government entities in the region on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
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