Conflux Foundation commits $500M to fuel PayFi Web3 payments solution

Consumer-facing blockchain applications with intuitive user experiences could bring more mainstream cryptocurrency users.

The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.

Conflux’s $500 million investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.

PayFi aims to create a “more integrated value network,” by bringing financial products like credit cards, invoice financing and reverse factoring onto the blockchain, Conflux Foundation announced on Nov. 11.

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