• Conflux Network has partnered with China Telecom to build a blockchain-enabled SIM card (BSIM).
• The card will manage and store a user’s blockchain private keys and digital assets, acting as „a safer, more efficient, and more compliant entrance to the Metaverse“.
• This news has caused the Conflux token price to surge by 366% over the past 6 days.
Conflux Price Explodes Following China Telecom Deal
The Conflux price recently exploded following news that China Telecom was planning to build a blockchain-enabled SIM (BSIM) card on the proof-of-work/proof-of-stake hybrid blockchain. As a result of this partnership, CFX is up 366% over the past 6 days and 25% in the last 24 hours. The 24-hour trading volume for CFX has also increased significantly by 108%, indicating increasing trader interest in the token.
What is BSIM?
BSIM stands for ‚blockchain-enabled SIM‘ and it is being developed by China Telecom with Conflux Network. It will be integrated into new SIM cards which will enable users to securely store their public and private keys as well as carry out digital signatures. This product is expected to lower barriers to entry for web3 and metaverse applications. The first pilot program of BSIM will be launched in Hong Kong later this year.
Impact on Conflux Token Price
The news of China Telecom partnering with Conflux Network has had an overwhelmingly positive impact on the price of CFX tokens. In addition, traders are increasingly interested in buying CFX due to its market cap reaching $445 million – making it #94 according to CoinMarketCap rankings.
China Ban on Crypto Products
It should be noted that Conflux Network is currently one of only two crypto companies operating with approval from Chinese authorities, who have imposed a blanket ban on all crypto products since 2021. Therefore, this partnership between Conflux and China Telecom can open up new opportunities for cryptocurrency use within China’s borders, further boosting demand for CFX tokens in the near future.
Conclusion
Overall, the recent partnership between Conflux Network and China Telecom is likely to have an immensely positive effect on both companies in terms of both revenue growth as well as awareness about their respective products among consumers worldwide. With growing demand for CFX tokens due to increasing trader interest and adoption within China’s borders, investors can expect good returns from investing in this asset class in the long run.
