Conflux Foundation invests $500M to develop PayFi, a blockchain-based Web3 payment platform that combines traditional finance with blockchain benefits.
The Conflux Foundation plans to invest $500 million to develop PayFi, a blockchain-based Web3 payments platform. This investment will come from its ecosystem fund, which aims to enhance PayFi’s growth. The foundation seeks to combine traditional financial services’ capabilities with blockchain’s advantages to develop cost-effective payment solutions.
Digital payment is essential to the world economy, but conventional methods tend to have problems. To this end, PayFi plans to apply financial models such as credit cards and invoice financing to the blockchain. Therefore, the platform aims to increase operational effectiveness while providing unique financial solutions.
PayFi will have the needed infrastructure backed by the Conflux Foundation’s $500 million commitment. It is built on the Conflux Layer1 blockchain, which is very secure and performs well. The platform will also have a TPS Boost to enhance transaction speed and scalability.
Additionally, PayFi aims to offer multiple assets, such as offshore RMB, HKD, and USD, in partnership with the qualified issuer. This will be useful for diversifying payments and adding options. The PayFi stack also encompasses DeFi, which allows users to pay for their purchases and engage in DeFi simultaneously.
Conflux Aims to Make PayFi a Leading Web3 Payment Platform with Investment
With the advancement of blockchain technology, the need for Web3 payment systems increases. Taking over from traditional financials, PayPal and J.P. Morgan are already venturing into blockchain payments. There is excellent potential for PayFi to play a critical role in this shift, making real-time payments and programmable money.
Besides its technological advancements, Conflux is planning to introduce an incentive program in the framework of PayFi ecosystem development. The foundation will ensure that PayFi becomes among the best platforms in the Web3 payment industry. Conflux envisions a new way of carrying out transactions in the financial market using stablecoins, payment cards, and blockchain technology.
Therefore, with advancing global digital payments, PayFi presents a model that combines conventional financial services with benefits derived from the blockchain. The Conflux Foundation’s investment in PayFi’s development is a significant move toward making PayFi the driving force in the future of the payments sphere.
