30s Summary

The Conflux Foundation is investing $500 million in PayFi, a platform that utilizes blockchain to increase the accessibility of traditional finance services. With funding from their own ecosystem, Conflux aims to develop PayFi by taking financial applications like credit cards and factoring to the blockchain. PayFi is based on the Conflux blockchain, a layer-1 system that concentrates on stablecoin and everyday payment systems. This new development could potentially attract more crypto users due to PayFi’s user-friendly experience. The move was announced by the Conflux Foundation on November 11th.

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The Conflux Foundation is ready to drop a huge $500 million on PayFi (short for Pay Finance), a platform offering payments based on the Web3 solution. They’re sourcing the money from their own ecosystem fund, and it’s all for the purpose of developing PayFi further. Essentially, PayFi is all about using the blockchain to make traditional finance services more accessible.

As part of its plan, PayFi wants to introduce a super connected value network by transitioning financial stuff like credit cards, invoice financing, and reverse factoring over to the blockchain. This was officially announced by the Conflux Foundation on November 11th.

Just so you know, the PayFi stack is created on the Conflux blockchain, which is a heavy-duty layer-1 network that’s super focused on stablecoin and payment systems for everyday payments.

And if PayFi’s user experience is anything to go by, it seems like more everyday crypto users could be pulled in by blockchain apps. At the minute, getting to grips with some decentralized finance (or DeFi) applications can be a bit tricky for newbies in the crypto world.

This story’s still evolving, so stay tuned for more info as it comes out.