Conflux raises $10 million from DWF Labs in token round

Quick Take

  • Conflux raised $10 million from DWF Labs.
  • DWF Labs bought the Conflux tokens, which will “linearly unlock over a period of time,” Conflux co-founder Fan Long told The Block.

Conflux, a Layer 1 blockchain developer, raised $10 million from DWF Labs.

The investment will help Conflux expand its technology and grow its user base, DWF Labs said Wednesday. Conflux co-founder Fan Long confirmed the investment, saying it was settled "a few days ago."

DWF Labs bought Conflux (CFX) tokens from the project's team and foundation reserve and will "linearly unlock over a period of time," Long said.

He added that DWF's "strategic investment" will "tremendously" help Conflux build its ecosystem.

China blessings

Conflux was developed by Long, who is also an assistant professor of computer science at the University of Toronto, and Andrew Chi-Chih Yao, the only Chinese Turing Award winner, who serves as the chief scientist of Conflux, according to Long.

The Conflux network went live in 2020, but it has been in the news lately as it recently formed partnerships with China Telecom, the country's second-largest wireless carrier, and Little Red Book, China's version of Instagram.

Long said Conflux is "the only regulatory compliant permissionless blockchain in China" and that the project's core research and development team is entirely Chinese. "Unlike all other public chains, we never did ICO [initial coin offering]-like activities, which are restrictively banned by the Chinese government," Long said. In 2021, the Shanghai government provided a grant of over $5 million to Conflux, he added.

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