Conflux token jumps 9% following $10 million token round with DWF Labs

Quick Take

  • Conflux is trading around $0.233, up 9.3% following its latest fundraising announcement.
  • The Layer 1 blockchain announced a $10 million investment from DWF Labs today.

The developer behind Conflux Network has raised $10 million from DWF labs. Its native token, CFX, gained 9.6% following the announcement.

DWF Labs purchased CFX from the project's team and foundation reserve. The tokens will "linearly unlock" over an unspecified period, said Fan Long, Conflux co-founder. The Layer 1 blockchain will use the funding to build out its tech stack and expand its user base. 

CFX was trading for $0.231 by 4:30 a.m. EST, up around 9.3% over the past few hours, according to TradingView data. 

Betting on brands

Conflux recently benefited from brand partnerships with China Telecom and Little Red Book.

China Telecom is the country's second-largest telecom provider. Conflux is working with the firm to develop blockchain-enabled SIM cards. "The Web3 product will be the largest blockchain hardware product ever seen globally, involving the most users and applications," according to a Twitter post. China Telecom has over 391 million mobile subscribers.

Before this, 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

The price of CFX token climbed in response to both partnership announcements. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.