Conflux Foundation commits $500M to fuel PayFi Web3 payments solution
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The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.
Conflux’s $500 million investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.
PayFi aims to create a “more integrated value network,” by bringing financial products like credit cards, invoice financing and reverse factoring onto the blockchain, Conflux Foundation announced on Nov. 11.
The Conflux PayFi Stack. Source: Medium.com
The PayFi stack is built on the Conflux blockchain, a layer-1 network focused on stablecoin and payment infrastructure for consumer-grade payments.
Blockchain applications with intuitive user experiences could attract more mainstream cryptocurrency users, as the usability challenges of current decentralized finance (DeFi) applications are a major barrier for new crypto investors.
Related: Trump’s presidency could bring SEC reform and pro-crypto regulations
This is a developing story, and further information will be added as it becomes available.
