Conflux Network’s $10M funding round propels CFX token rise

The Conflux Network’s CFX token has surged 9% over the past 24 hours to $0.24. of crypto slate data.

CFX value reverted to $0.22820 at the time of writing.

The developer of the blockchain network says it has raised $10 million from DWF Labs. According to March 1st statementthe funds will be used to “expand, innovate and create a barrier-free blockchain ecosystem.”

DWF Labs has reportedly purchased CFX tokens from the project’s team. Tokens will be “linearly unlocked” over a non-disclosure period.

Conflux Recent Progress

In 2023, Conflux Network has formed important partnerships with major Chinese companies such as China Telecom and Little Red Book, the Asian country’s ‘Instagram’.

Blockchain Network has partnered with China Telecom to develop a blockchain-enabled SIM card (BSIM). China Telecom is his second largest wireless carrier in China.

The partnership is designed to ensure that mobile phones are key to entering the web3 and metaverse. Integration with Little Red Book allows app users to create non-fungible tokens (NFTs) that can be displayed on their profile page.

blockchain network partnered With Alchemy Pay, it “provides an easy fiat on-ramp payment solution that allows users to purchase cryptocurrencies using their local fiat currency.”

Meanwhile, the project’s foundation burned over 500 million CFX tokens to curb inflation.

After Conflux Network’s $10 million funding round, the CFX token’s upsurge was driven and it first appeared on CryptoSlate.

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