Well-known digital asset market marker and multi-stage Web3 investment firm, DWF labs has unveiled its $28 million strategic investment in conflux network. In a Wednesday blog post, the firm confirmed the development and gave more details about the investment. As revealed, DWF labs is seeking to further enhance the growth and development of Conflux through the funding.
The investment in Conflux by DWF labs manifests through the purchase of its CFX tokens. According to the investment firm, this move is geared toward strengthening the long-term relationship between itself and conflux network. Earlier, DWF labs purchased $10M worth of CFX tokens.
Meanwhile, Conflux Network Co-founder, Fan Long made some comments about the new feat. According to Lang, Conflux has been witnessing massive growth since the beginning of 2023. This growth, according to the co-founder, is facilitated by the firm’s penetration into the Chinese NFT market and the BSIM card project with China Telecom. Long also identified DWF Lab as one of the important supporters of the protocol.
The exec is optimistic that the infusion of capital into the network will not only strengthen its bonds, but also act as an enabler of its ambition to expand Conflux ecosystem. Long added that the firm wants to leverage the fund to propel the growth of its ecosystem in Asia. Meanwhile, the co-founder announced that more numbers of real-world assets will be deployed into the chain.
Similarly, the Managing Partner of DWF Labs, Andreu Grachev also shared his perspective on the investment. Grachev said DWF remains a consistent supporter of Conflux throughout its growth journey. Grachev said the new investment in the firm indicates DWF labs’ commitment to supporting potential projects in a bid to advance the Web3 sphere.
Conflux seeking to grow its ecosystem
Today, Conflux network has established itself as a tree-graph consensus algorithm Layer-1 blockchain. Since February, it engaged in numerous partnerships in a bid to enhance its offerings and ecosystem. On February 15, the firm announced a signature collaboration with China Telecom company to facilitate the development of Blockchain Sim (BSIM).
More so, Conflux collaborated with Hong Kong Web3 Institute. It also took part in the Singapore Digital Economy Roundtable organized by Singaporean Government. Similarly, the firm presided over the drafting of IEEE P3217, an international blockchain standard designed by the Institute of Electrical and Electronics Engineers.