The Beijing-based blockchain firm Conflux is expanding its business to North America by setting up an office in the Canadian city of Toronto. The blockchain startup is assembling a team of ten people to conduct research and seek local investors and business partners in North America.
Conflux received financial backing from the Shanghai government.
The Chinese blockchain startup Conflux is expanding to North America after it received an official endorsement and financial backing from the Shanghai government earlier in January this year. However, the blockchain firm did not reveal how much funds they got from the government, but they confirmed it is in millions of dollars.
The startup aims to provide a decentralized platform to developers.
The Chinese blockchain platform aims to provide a decentralized platform to developers where they can create applications and marketplaces, according to the newly appointed managing director, Eden Dhaliwal. Conflux raised $35 million from major investors such as Huobi and Sequoia in a private token sale back in 2018. The managing director further said that there are opportunities to expand beyond ethereum, especially in the decentralized finance space. The blockchain startup has also set up an office in Nigeria as a base to build a presence in Africa.