DWF Labs Increases Investment in Conflux With $28 Million Injection

Summary:
• Conflux has had a stellar performance in 2023, with the highlight being its partnership with China Telecom to roll out blockchain SIM cards.

DWF Labs, a leading multi-stage Web3 investment firm, has reaffirmed its dedication to the development of Conflux, a Layer-1 blockchain that uses a tree-graph consensus algorithm. DWF Labs has recently purchased a further $18M worth of CFX tokens, following their $10M acquisition in March, further solidifying the VC firm’s long-term engagement with Conflux.

Conflux intends to use the capital it has raised to expand its ecosystem in Asia and Hong Kong, foster the growth of its developer community, and add more and more physical assets to the Conflux blockchain.

2023 has been a milestone year for Conflux

Since its initial unveiling in May of 2023, Conflux’s growth has soared thanks to strategic agreements like the one it announced on February 15th with China Telecom to create a blockchain SIM (BSIM) card.

DWF Labs has done a lot of work to help get Conflux to establish itself internationally. Since then, Conflux has partnered with a number of different ecosystems, including Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with more partnerships in the works. Multiple events, including those in Hong Kong, Tokyo, and Paris, have been co-hosted by Conflux and DWF Labs.

The Managing Partner of DWF Labs, Andrei Grachev stated: “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.”

Also, Conflux recently joined the Web3 Institute in Hong Kong, took part in the Singapore Digital Economy Roundtable hosted by the Singaporean government, and spearheaded the development of IEEE P3217, the worldwide blockchain standard developed by the Institute of Electrical and Electronics Engineers.

Since the start of 2023, Conflux Network has expanded at an exponential rate, leading the way in the Chinese NFT market and providing first-to-market Web3 access via the BSIM card initiative with China Telecom. With this new funding round, the network gets strengthened further in its goal of growing the Conflux ecosystem.