Global digital asset market maker and multi-stage Web3 investment firm DWF Labs has made an investment to support the growth of layer-1 blockchain Conflux (CFX).
Conflux has been gaining significant attention since February 2023, thanks to some key partnerships, including a collaboration with China Telecom announced on February 15 with the goal of developing a blockchain SIM (BSIM) card that was first introduced in May.
Market maker DWF Labs announced that it has purchased another $18 million worth of CFX tokens from Conflux officials, making a total purchase of $28 million.
Recently, Conflux joined the Hong Kong Web3 Institute, participated in the Singapore Digital Economy Roundtable organized by the Government of Singapore, and led the development of an international blockchain standard, IEEE P3217, by the Institute of Electrical and Electronics Engineers.
Fan Long, Co-Founder of Conflux Network, said:
“Conflux Network has grown exponentially since the beginning of 2023, leading developments in the Chinese NFT market and providing new Web3 access through the BSIM card project with China Telecom. DWF Lab is one of Conflux's key supporters. This influx of capital not only strengthens the bond between us, but also acts as a catalyst for our shared passion to expand the Conflux ecosystem.
Conflux plans to leverage the funds raised to further grow its ecosystem in Asia and Hong Kong, strengthen its emerging developer communities, and bring a growing number of real-world assets to the Conflux chain.”
Andrei Grachev, Managing Partner of DWF Labs, said:
“We are very proud of our role as a supporter of Conflux throughout its remarkable growth journey. This is an example of our commitment to supporting projects with enormous potential and providing the necessary support to fill the missing pieces of the Web3 puzzle.
Our deep understanding of the cryptocurrency 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 to success.”
*Not investment advice.