May 28, 2023

Shanghai administration invests in blockchain startup Conflux

Shanghai authorities together with blockchain startup Conflux will open a new research institute at the end this 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.

Conflux startup, founded last year, managedraise $ 35 million during the closed token sale. Among the investors are such well-known companies as Sequoia China, Huobi Group, Shunwei Capital and Rong360. The launch of the main Conflux network is planned in the first quarter of next year. Right after that, ecosystem participants will be able to mine the CFX project token. No public sale of CFX is planned.

“We started development asresearch project. First, we looked for opportunities to scale the blockchain so that it becomes faster and safer. However, then interested investors appeared and we realized that it was time to take our technology outside the workspace, ”Long said.

In mid-November, the local Shanghai news portal reported that authorities were moving to active measures designed to stop the illegal trade in cryptocurrencies.