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Conflux Raises $10 Million From DWF Labs in Token Round

Conflux, a Layer 1 blockchain developer, raised $10 million from DWF Labs.

The investment will help Conflux expand its technology and grow its user base, DWF Labs said Wednesday. Conflux co-founder Fan Long confirmed the investment, saying it was settled "a few days ago."

DWF Labs bought Conflux (CFX) tokens from the project's team and foundation reserve and will "linearly unlock over a period of time," Long said.

He added that DWF's "strategic investment" will "tremendously" help Conflux build its ecosystem.

With fresh capital in hand, Conflux plans to further expand its ecosystem around Hong Kong's new web3 policy, Long said.

There are currently around 70 people working for Conflux and the project doesn’t have immediate hiring plans, according to Long.

The DWF Labs investment brings Conflux's total funding to date to more than $50 million. The project has previously raised over $40 million, Long said.

(By Yogita Khatri)

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