Conflux Network’s native token (CRYPTO: CFX) surged 8% in the last 24 hours, following the news that it raised $10 million from DWF Labs.
What Happened: According to a press release, DWF Labs acquired a significant portion of CFX tokens from the Conflux Foundation. Over a span of time specifically tailored to the project’s growth needs, these tokens will be linearly unlocked, enabling Conflux, a Layer-1 blockchain, to build out its tech stack and expand its user base.
At the time of writing, CFX was trading at $0.22.
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Another reason behind the rally could be Conflux’s collaboration with China Telecom and Little Red Book.
Working with China Telecom, one of the country’s largest telecom providers, Conflux is developing a blockchain-enabled SIM card — a Web3 product that, according to a Twitter post, “will be the largest blockchain hardware product ever seen globally, involving the most users and applications.”
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