Conflux Network ($CFX), the largest public chain in China debuted on Binance on 29th March after its mammoth rise of 881% over the past three months. The price of the token has seen a significant jump over the past three months rising from a 90-day low of $0.113 to a new all-time high of $1.70.
Conflux, China’s leading public chain with extreme performance, logged on to Binance on the 29th, with an increase of 881% in the past three months. Its investors include Sequoia Capital and Huobi. pic.twitter.com/2lV4dPI5xO
— Wu Blockchain (@WuBlockchain) March 30, 2021
The price of $CFX is currently trading at $1.30 having fallen by 7% over the past 24 hours. The Conflux Network is backed by the likes of Sequoia Capital and Huobi. The firm aims to bring a Defi revolution in China despite a complete ban on crypto trading and exchanges in the country.
The developers behind the project claimed that even though Fiat to Crypto purchases is prohibited in China, crypto-to-crypto trading is still not banned in the country. The founder of the project claimed that Defi is a fast-growing industry in mainland China since it doesn’t require fiat onboarding or centralized exchanges to function. One of the company representatives has explained,
“Conflux is the only regulatory-compliant public, permissionless chain in China because we specifically did not have a public token sale, which has allowed us to remain compliant and in good standing within China,”
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