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China-Linked Altcoin Conflux Surges as Market Maker Makes $18 Million Purchase: Price Soars!

  • DWF Labs has increased its investment in Conflux, a layer-1 blockchain developer, by $18 million, nearly tripling its initial investment.
  • This is the second investment by DWF Labs to support Conflux, following a $10 million investment in March.
  • Conflux has gained attention for its partnership with China Telecom on the blockchain-based SIM card project and its contributions to the development of the ecosystem.

DWF Labs Increases Investment in Conflux by $18 Million

DWF Labs, a cryptocurrency market maker, has announced that it has increased its investment in Conflux, a layer-1 blockchain developer, by $18 million. This brings DWF Labs’ total investment in Conflux to $28 million, nearly tripling its initial investment.

Second Investment in Conflux

This investment marks the second time that DWF Labs has invested in Conflux. In March, DWF Labs made an initial investment of $10 million in Conflux, showing its confidence in the project and its potential.

Partnership with China Telecom

Conflux has gained attention in the cryptocurrency community for its partnership with China Telecom, one of China’s largest telecommunications services. Together, they are working on a blockchain-based SIM card project, which has been highly regarded by investors.

Conflux has also made significant contributions to the development of the ecosystem. The project recently participated in the Hong Kong Web3 Institute and the Singapore Digital Economy Roundtable, where it shared insights and ideas for the growth of the ecosystem.

Future Growth and Impact

Fan Long, co-founder of Conflux Network, expressed his excitement about the investment and its potential impact on the ecosystem. He stated that Conflux has experienced exponential growth since the beginning of 2023 and believes that the investment will serve as a catalyst for further development.

Long also mentioned that the funds raised will be used to enhance their growth in the Asian and Hong Kong ecosystem, further solidifying their position in the market.

Following the news of the investment, the value of CFX, Conflux’s native cryptocurrency, saw a 5% increase, reaching $0.2329. However, it later experienced a decline of over 8% due to a 3% drop in Bitcoin’s price. As of now, CFX is trading at $0.2153, with a 33.2% decrease in value over the past 30 days.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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