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China Blockchain Conflux Gains $10M Investment From DWF

The investment firm bought the blockchain's native token after it signed a deal with China Telecom.

By Brandy Betz
AccessTimeIconMar 1, 2023 at 10:36 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
Shanghai, China (Edward He/Unsplash)
Shanghai, China (Edward He/Unsplash)
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Conflux, which recently agreed to build blockchain-based SIM cards with China's second-largest wireless carrier, received a $10 million investment from DWF Labs, a digital asset market maker and investment firm.

DWF Labs bought tokens of the China-based blockchain platform, which claims to be the only crypto company with approval to operate in the country after the government banned all crypto products in 2021.

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    • "Conflux's recent partnership with China Telecom is a major milestone for the blockchain industry, and we believe that it demonstrates the potential for Conflux's technology to revolutionize how we think about blockchain-enabled products and services,” DWF Labs managing partner Andrei Grachev said in a statement.

    Conflux's CFX token rose more than 8.4% after the announcement.

    Read more: What Is a Consensus Mechanism?


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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter

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