Singapore-based Coinflux Foundation is set to receive $35 million in funding from venture capital firms Sequoia China and Baidu Ventures, crypto mining firm F2Pool, crypto exchange Huobi as well as Metastable and IMO Ventures. 💰 The project was co-founded by scholars from the University of Toronto and Tsinghua University, and Turing Award winner Dr. Andrew Chi-Chih Yao.

Coinflux will use the proceeds to build its network and expand its existing 10-person development team. It seeks to officially launch its public blockchain in Q3 of 2019. Coinflux prototypes were able to deploy 20k Conflux full nodes on 800 Amazon EC2 virtual machines and achieved a throughput equivalent to 6,400 transactions per second. 👏

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