Conflux surges 134% after partnership to develop blockchain SIM cards
Conflux Network (CFX) rose 134% in the last 24 hours to $0.14460 at the time of writing, according to CryptoSlate’s data.
The price hike follows Conflux Network striking a partnership on February 15 with the second largest wireless operator in China – China Telecom – to develop Blockchain-enabled SIM cards (BSIMs).
What is Blockchain SIM Card?
Conflux Network said that BSIM would manage and store the user’s public and private keys on the card and perform digital signatures so that the private key does not exit the card.
“The BSIM card integrates Conflux’s Tree-graph, dual proof-of-stake and proof-of-work technology, enabling the highest system performance of any blockchain in the world.”
The technology is designed to make mobile phones the key to entering the Web3 and metaverse, according to a promotional video seen by CryptoSlate.
BSIM’s pilot program will be launched in Hong Kong later this year, with other pilots expected in places such as Shanghai, according to the press release.
Konflux is gaining ground in China
Meanwhile, this is not the first partnership Conflux gets from the Asian country.
Chinese app Little Red Book integrated the blockchain network to allow users to create non-fungible tokens (NFTs) that can be displayed on their profile pages.
CFX is one of the best digital assets of the current year – the project’s foundation has burned close to 500 million CFX tokens in an effort to make it less inflationary.
The token has risen by 129% in the past seven days and 381% in the past 30 days, according to CryptoSlate data.
