The Conflux blockchain startup team raised $10 million from investment firm DWF Labs through the sale of CFX tokens from the reserve.
Happy to share the latest strategic raise by @DwfLabs supporting @Conflux_Network to expand, innovate, and create a barrier-free blockchain ecosystem!https://t.co/onUA60wLQC
— Conflux Network Official (@Conflux_Network) March 1, 2023
The funds raised will be directed toward building the technology stack and expanding the user base.
According to Conflux cofounder Fan Long, CFX tokens will be unlocked linearly over a defined period. He called the strategic investment “extremely important” for building the ecosystem.
Following the news, the CFX token rose more than 10%, to $0.24. At the time of writing, the project’s market capitalization stood at $485 million, according to CoinGecko.
Conflux Network — an open protocol for DeFi, decentralized applications and Web3, developed on the basis of the consensus algorithm Proof-of-Work.
In November 2022, DWF Labs supported the Onomy DeFi protocol team in a $10 million round.
Earlier in February 2023, the infrastructure Web3 startup Polyhedra Network raised $10m.