Conflux Raises $10 Million From DWF Labs
Conflux Network, a blockchain startup, has raised $10 million through the sale of CFX tokens from its reserve fund with the support of the investment company DWF Labs.
c According to Conflux co-founder Fan Long, CFX tokens will be unlocked linearly over a period of time.
Following the news, the CFX token rose by more than 10% to $0.24, giving the project a capitalization of $485 million, according to CoinGecko.
Conflux Network is a DeFi, decentralized applications, and Web3 protocol, developed on the Proof-of-Work consensus algorithm.
This strategic investment is the second of its kind for DWF Labs, following the $10 million round for the Onomy DeFi protocol team in November 2022, and the $10 million funding for the Web3 infrastructure startup Polyhedra Network in February 2023.
