Blockchain startup Conflux has received millions of dollars in research grants from the Shanghai Science and Technology Committee and the Changqing District City, which is part of the city municipal government.
The Beijing-based company has become the only public, unlicensed blockchain project backed by the Chinese government, according to a firm statement shared with Kindesk. The project is listed by the Shanghai government as one of 57 high-tech projects, including 5G and aerospace technology, according to an official document from its technology committee on November 25.
This fund will be used for the development of public chain research. The project will also support a proposed aerospace supply chain to be built on the Conflux network, the company said.
Conflux’s project has been included recently Five Year Plan According to the firm by the Shanghai government. This plan is a continuous social and economic initiative that defines the future economic and social development of the country.
China has Mostly focused While John is wary of decentralized chains, approved blockchain development, as such projects have introduced initial coin offering (ICO) to raise and distribute their tokens as an alternative to Fiat currency.
Fan Long, co-founder of Conflux, told Kindesk: “While the amount of money paid is significant, it is a signal to the government to support a public unauthorized discipline like Conflux.”
The central bank of the country is the People’s Bank of China Forbidden Conflux will not launch any ICOs or engage in any centralized token sales, according to ICOs and clamped Conf Long in Fiat-to-Crypto trading since 2013.
Founded in 2018, Conflux private equity firm Sequoia China has raised 35 35 million through the sale of a private token to prominent investors in China, including Hubi Group, Shunui Capital and Color 360. Its team includes developers who went to top engineering schools in China and studied abroad for bachelor’s degrees.
Government of Shanghai Agree To help Conflux open a research institute and incubation center with an undisclosed amount of research funds, Coindesk reported in December 2016.