A recent development from China has caused the CFX price to start an upward move. The news that China’s largest city, Shanghai, will use Conflux’s blockchain infrastructure for Offshore Yuan (CNY)-based stablecoin tests, has sent the altcoin’s price skyrocketing.
Shanghai ShuTu Blockchain Research Institute will promote the application of blockchain technology in the Shanghai Free Trade Zone, including the exploration of cross-border trade with stablecoin. The tests to be implemented in this direction will also benefit from Conflux’s blockchain infrastructure, as stated above. Conflux Network has strategically positioned its newest R&D center in Shanghai to work closely with key players in the region.
On top of these developments, CFX, which was traded at $0.27 just a day ago, managed to climb up to $0.82 as its intraday high. This indicates an increase of more than 200 percent.
Conflux is a public blockchain that bridges Asian and Western economies to enable the secure flow of assets and data across borders, protocols and applications.
Rising by three-digit percentages after the news, CFX gave up some of its gains and is trading at $0.61 at the time of writing. Finally, it is worth noting that the cryptocurrency is still far behind its all-time high ($1.70).
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.