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The Capital

$5 Million Grant To Conflux Startup To Develop Blockchain Technologies In Shanghai

The Shanghai Science and Technology Committee and the Changning District Administration have provided a $5 million grant to Conflux startup to develop the latest blockchain technologies in Shanghai.

Conflux will explore the possibilities of blockchain in the logistics and aerospace industries. The firm’s management said that Conflux has become one of the prominent blockchain projects supported by the Chinese government.

The Shanghai administration has added Conflux to the list of high-tech projects that explore digital space, 5G, and aerospace technologies. The company’s management said that the Shanghai authorities intend to use the technological developments of Conflux to implement social and economic initiatives aimed at the development of society and the whole country.

Conflux co-founder Fan Long expressed gratitude to the Chinese government for providing such value. China is cautious about open blockchains, but the grant of $5 million indicates that the Chinese authorities are beginning to think about the benefits that can be derived from the latest technologies.

Read: China Has Begun Testing Of The Digital Yuan In Atms

In December 2019, the Shanghai administration invested in Conflux to open a research institute and incubation center, which develops decentralized applications based on its own open Conflux blockchain. However, the exact amount of funding was unknown.

Recall that the company Conflux was founded in 2018. Conflux managed to raise $35 million from Chinese investors, which included Sequoia China, Huobi Group, Shunwei Capital, and Rong360.

Originally published at https://thecryptobasic.com on January 13, 2021.

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