Hong Kong, China, June 28, 2023, Chainwire

 

DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm, has further solidified its commitment to supporting the development of Conflux, a treegraph consensus algorithm Layer-1 blockchain. Since February 2023, Conflux has gained significant traction on the back of several key partnerships, including a signature collaboration with China Telecom announced on February 15 to develop a blockchain SIM (BSIM) card that was first launched in May.

DWF Labs recently purchased $18 million in CFX tokens, solidifying the long-standing relationship between the investment firm and Conflux. Previously, DFW Labs purchased $10 million worth of CFX tokens in March 2023.

Recently, Conflux joined the Hong Kong Web3 Institute to participate in the Singapore Digital Economy Roundtable organized by the Singapore government, and took the lead in drafting the Institute of Electrical and Electronics Engineers international blockchain standard IEEE P3217. In addition, Conflux also announced important partnerships, including:

  • Supremacy – Web3 Security Platform

  • dappOS – An operating protocol that manages crypto infrastructure for users

  • NuLink - A privacy-preserving technology that provides an API for decentralized applications

  • Smooth Labs – Developing a Layer 2 solution that supports parallel execution

  • Opside - A decentralized ZK-RaaS network with ZKP mining PoW capabilities

DWF Labs has made a significant contribution to Conflux’s emergence onto the global stage. Conflux has since established ecosystem partnerships with Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with a growing number of ongoing partnerships in discussion. Conflux and DWF Labs have also co-hosted multiple events, including those in Hong Kong, Tokyo, and Paris.

Fan Long, co-founder of Conflux Network, said: "Since the beginning of 2023, Conflux Network has experienced exponential growth, leading the advancement of China's NFT market and establishing new Web3 access through the BSIM card project with China Telecom. DWF Lab is one of the major supporters of Conflux. This capital injection not only strengthens our connection, but also serves as a catalyst for our common goal of expanding the Conflux ecosystem. Conflux plans to use the funds raised to further promote the development of its ecosystem in Asia and Hong Kong, support the emerging developer community, and introduce more and more real-world assets to the Conflux chain."

Andrei Grachev, Managing Partner of DWF Labs, said: “We are extremely proud of the role we have played as a backer of Conflux in its extraordinary growth trajectory. It embodies our commitment to backing projects with huge potential and providing the necessary support to fill the missing pieces of the Web3 puzzle. Our deep understanding of the cryptocurrency market provides Conflux with the compass to reach its full potential on the global stage. We are excited to be part of Conflux’s journey to success.”

About Conflux

Conflux is a permissionless layer-1 blockchain that connects decentralized economies across borders and protocols.

Conflux recently migrated to a hybrid PoW/PoS consensus, providing a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.

As the only public blockchain in China that meets regulatory requirements, Conflux provides unique advantages for projects to build and expand in Asia. Conflux has partnered with global brands and government entities in the region on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.

About DWF Lab

DWF Labs is a global digital asset market maker and multi-stage Web3 investment firm, supporting portfolio companies from token listing to market making to OTC solutions.

Investment firm DWF Labs, which has offices in Singapore, Switzerland, UAE, Hong Kong, South Korea and the British Virgin Islands, is a subsidiary of Digital Wave Finance (DWF), which is consistently ranked in the top 5 trading volumes in the cryptocurrency world through its high-frequency trading proprietary technology.