DWF Labs Consolidates Another $18 Million Investment In Conflux
- Venture capital fund DWF Labs announced that it had acquired an additional $18 million in Conflux CFX tokens.
- Conflux plans to leverage the funds raised further to drive its ecosystem growth in Asia and Hong Kong.
- Prior to that, DFW Labs purchased $10 million worth of CFX tokens in March 2023.
DWF Labs, a Web3 venture capital organization, has announced that it recently purchased the CFX token of Conflux, an $18 million public chain project, cementing a long-term partnership.
DWF Labs, a global digital asset market maker, and multi-stage Web3 investment firm, has further strengthened its commitment to support Conflux’s growth. This investment brings DWF Labs’ total investment to $28 million. The previous investment was $10 million in March of this year.
Since then, Conflux has established ecosystem partnerships with Floki, Worldcoin, Blockbank, Luganodes, AirDAO, Mask, and OpenEden, with a growing list of partnerships under discussion. Conflux and DWF Labs have also co-organized many events, including those held in Hong Kong, Tokyo, and Paris.
DWF Lab is one of Conflux’s principal backers. This funding not only strengthens our relationship, but also serves as a catalyst for our shared ambition to expand the Conflux ecosystem.
Conflux previously said it would build a blockchain-based SIM card in partnership with China Telecom, the second-largest wireless carrier in China with an estimated $390 million subscribers. Recently, ‘Ethereum China’ Conflux attracted attention as Hong Kong welcomed retail traders.
Since the beginning of this year, Conflux’s market capitalization has grown from $46 million to nearly $650 million currently – making CFX one of the best performing tokens.
Some Asia-focused investors argue that Conflux’s indirect links to the Chinese market could position CFX as a proxy bet on the broader Asian market.
More recently, Conflux joined the Web3 Institute of Hong Kong, participated in the Singapore Digital Economy Roundtable hosted by the Singapore Government, and led the drafting of IEEE P3217, an international blockchain standard by the Singapore Government Institute of Electrical and Electronic Engineers.
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