According to ConFluz Network, the funding from the Chinese government is not random and was included in the five-year plan of the Shanghai government. The plan involves a series of social and economic innovations that will contribute to the economic growth of the country.
The Shanghai government didn’t want to disclose the amount to be given at first because it was too confidential but they stated it would be roughly around millions of dollars. This is because the fund will be used to develop public chain research and aerospace supply chain in the country.
Despite being new in the industry, ConFlux already achieved some great feats. They managed to gather funds from the biggest names in the Chinese investment industry, including companies like Sequoia China and the Huobi Group that raised a total of $35 million for ConFlux.
Last November 25, 2020, it was reported that ConFlux Network has been working on 57 high-tech ventures that include innovations of 5G and aerospace technologies supported by the Shanghai government.
As of today, with the market caps and trading volumes of cryptocurrencies hitting all-time highs, more institutions and organizations are taking crypto assets into consideration.
ConFlux Network is a startup company that deals with digital assets. They are driven to influence the coming generation in making use of crypto assets that can be impactful and useful in the global market. ConFlux was formed back in 2018 through compliant fundraising and was built to become an open infrastructure of blockchain in China.
The great minds behind ConFlux are Fan Long, an assistant professor at the University of Toronto; David Chow, a gold medalist in the Informatics Olympiad; YuanJie Zhang, a former Wall Streeter; and Andrew Chi-Chih Yao, the Turing Award-winning computer scientist. Moreover, ConFlux was established in China as the only public, permissionless blockchain endorsed by the state.
The investors on this big project feel confident and at ease because the developers behind ConFlux studied abroad for their graduate degrees and came from the top engineering schools in China.
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