Hybrid Blockchain Altcoin Surges by More Than 20% As Project Announces New Partnership With a Venture Studio

The native altcoin for an under-the-radar public blockchain project surged more than 20% on Friday, outpacing the vast majority of the crypto market.

Conflux (CFX) is a hybrid proof-of-work and proof-of-stake chain that bills itself as the “only regulatory compliant, public, and permissionless blockchain in China.”

The web3 project, which says it is suitable for both decentralized finance (DeFi) and gaming, aims to bridge the gap between Western and Asian markets in alignment with its mission to be a “catalyst for the borderless economy.”

CFX is trading at nearly $0.227 at time of writing, up from $0.185 on Thursday. The 88th-ranked crypto asset by market cap is also up nearly 33% from its seven-day low of $0.17.

CFX’s gains on Friday materialized as Conflux announced a strategic partnership with the Asia-based venture studio BlockBooster.

Explains the project,

“With a focus on nurturing web3 infrastructure, social, and gaming projects, this partnership aims to:

• collaboratively identify Web3 incubation opportunities within the Conflux ecosystem.
• jointly facilitate major events for Conflux builders.

Stay tuned for more updates!”

BlockBooster is based in Hong Kong and aims to help develop protocols and software infrastructure for web3.

Despite its recent price gains, CFX remains nearly 87% down from its all-time high of $1.70, which it hit back in March 2021, according to CoinGecko.

Generated Image: Midjourney