On Wednesday, Conflux Network, a Layer 1 blockchain often referred to as the Chinese equivalent of Ethereum, announced that it has secured additional funding from DWF Labs, a prominent crypto market maker and Web3 investment firm.
In a recent announcement, Conflux Network, the blockchain platform known for its regulatory compliance in China, revealed that DWF Labs has invested $18 million in CFX tokens. This follows their initial purchase of $10 million worth of coins in March.
Andrei Grachev, the head of DWF Labs, expressed his excitement on Twitter and mentioned his intention to increase their CFX holdings and provide comprehensive support to the Conflux team. He commended Conflux as a shining example of how a talented team, advanced technology, business development, government relations, and public relations should collaborate for success.
Conflux Network is renowned for its Web3 development efforts in Hong Kong and mainland China. It has gained attention for its impressive transaction speed, thanks to its “Tree-Graph” consensus algorithm, which enables the network to process up to 6,000 transactions, ensuring efficient performance.
CFX tokens have various uses within the network. They facilitate cross-chain transfers, can be used to pay transaction fees, and can be staked for active participation in the consensus protocol.
Compiled by Coinbold