China Blockchain Conflux Gains $10M Investment From DWF
The investment firm bought the blockchain's native token after it signed a deal with China Telecom.
Conflux, which recently agreed to build blockchain-based SIM cards with China's second-largest wireless carrier, received a $10 million investment from DWF Labs, a digital asset market maker and investment firm.
DWF Labs bought tokens of the China-based blockchain platform, which claims to be the only crypto company with approval to operate in the country after the government banned all crypto products in 2021.
"Conflux's recent partnership with China Telecom is a major milestone for the blockchain industry, and we believe that it demonstrates the potential for Conflux's technology to revolutionize how we think about blockchain-enabled products and services,” DWF Labs managing partner Andrei Grachev said in a statement.
Conflux's CFX token rose more than 8.4% after the announcement.