Shanghai Government Invests $5M in Blockchain Startup Conflux

Blockchain startup Conflux has received an over-$5 million research grant from the Shanghai Science and Technology Committee and Xuhui District government, which is part of the city’s municipal government.

The Beijing-based firm touted that it has become the only public, permissionless blockchain project backed by the Chinese government, according to the firm’s statement shared with CoinDesk. The project has made it in the list of 57 high tech projects, including 5G and aerospace technologies, by the Shanghai government, according to an Nov. 25 official document from its tech committee.

The funding will be used to develop the public chain’s research. The project will also support an aerospace supply chain proposed to be built on Conflux Network, the firm said.