Layer-1 Token Soars 8% After $10M Raise From DWF Labs

Conflux Network’s native token CFX/USD surged 8% in the last 24 hours, following the news that it raised $10 million from DWF Labs. 

What Happened: According to a press release, DWF Labs acquired a significant portion of CFX tokens from the Conflux Foundation. Over a span of time specifically tailored to the project's growth needs, these tokens will be linearly unlocked, enabling Conflux, a Layer-1 blockchain, to build out its tech stack and expand its user base.

At the time of writing, CFX was trading at $0.22. 

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

Another reason behind the rally could be Conflux's collaboration with China Telecom and Little Red Book. 

Working with China Telecom, one of the country's largest telecom providers, Conflux is developing a blockchain-enabled SIM card — a Web3 product that, according to a Twitter post, “will be the largest blockchain hardware product ever seen globally, involving the most users and applications."

Read More: Bitcoin, Ethereum, Dogecoin Spike: Analyst Sees Apex Crypto Staying Rangebound Even As Regulatory Jitters Dip