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This China 'Compliant' Coin Pipped Bitcoin, Ethereum Last Week With Nearly 290% Gains

Published 20/02/2023, 13:08

Benzinga - Conflux, a first-layer consensus blockchain, touts itself as the only “regulatory compliant, public, and permissionless blockchain in China.” The project’s CFX token was the best-performing token for the week ending Feb. 20.

What Happened: CFX’s 286% gains outshone the appreciation seen in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Cryptocurrency Gains (+/-) Price (12p.m. EST)
Conflux (CFX) +286.4% $0.21
Stacks (STX) +138.2% $0.73
Filecoin (FIL) +75.7% $8.65
Klaytn(KLAY) +45.2% $0.30
Neo (NEO) +38.3% $11.71

Last week, Conflux’s official Twitter account announced that China Telecom — the 2nd largest wireless carrier on the mainland — has partnered with the project to develop Blockchain-enabled SIM Cards, which it calls BSIM.

See Also: How To Trade Cryptocurrency: A Beginners Guide

Why It Matters: Separately, Conflux said that the research and development phase for the BSIM card is complete and it is connected to the project’s main network for testing.

The project also generated buzz around the burning of tokens, Conflux said they’ve already burned close to 500 Million CFX and their latest DAO proposal regarding token burning will take place in the coming week.

Read Next: Joe Kernen Slams Charlie Munger's Crypto Knowledge: 'I Don't Think He's Read First Page Of Bitcoin Standard'

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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