Conflux Network partnered with China Telecom, the country's second-largest telecom provider, to develop blockchain-enabled SIM cards. Its native CFX token soared on the news.
The telecom giant will launch the first pilot program in Hong Kong later this year, Conflux Network noted in a Twitter thread following the announcement.
"The Web3 product will be the largest blockchain hardware product ever seen globally, involving the most users and applications," according to the thread. China Telecom has over 391 million mobile subscribers.
Conflux's native token CFX soared following the announcement, jumping over 40% by 8 a.m. EST, according to CoinGecko data.
Conflux revealed in January that it would integrate with Little Red Book, the Chinese version of Instagram. The partnership will allow users to display their NFTs on the platform.
Conflux is becoming the "major bridge" for connecting "prominent internet industry players" in China, who have initiated efforts to embrace web3, said Ming Wu, CTO of Conflux, at the time.
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