April 25, 2024

Shanghai administration invests in blockchain startup Conflux

The Shanghai authorities, together with the blockchain startup Conflux, will open a new research institute at the endthis year, and in June next year they will launch an incubation center.

This was told by Conflux co-founder Fan Long(Fan Long). However, he did not name the exact amount of funds that local authorities allocated to finance this project. He only said that we are talking about millions of dollars.

Conflux Incubation Center will attractdevelopers and entrepreneurs who are interested in developing decentralized applications based on their own public blockchain. In addition, they want to create decentralized applications for the Shanghai authorities, for example, those that can track the movement of funds and documents.

Startup Conflux, founded last year,managed to raise $35 million during a closed token sale. Investors include such well-known companies as Sequoia China, Huobi Group, Shunwei Capital and Rong360. The Conflux mainnet is scheduled to launch in the first quarter of next year. Immediately after this, ecosystem participants will be able to mine the CFX project token. There are no plans for a public sale of CFX.

“We started our development asresearch project. We first looked for opportunities to scale the blockchain to make it faster and more secure. However, then interested investors appeared and we realized that it was time to take our technology beyond the workspace,” — Long noted.

In mid-November, a local Shanghai news portal reported that authorities were moving to proactive measures to stop illegal cryptocurrency trading.