​Conflux Network token rises by 48% after entering into partnership with China Telecom

What’s new? Blockchain protocol Conflux Network has begun a partnership with China Telecom, the second-largest wireless operator in China (more than 390 million subscribers), to develop blockchain-enabled SIM cards — BSIM. Amid the news, the rate of the network’s native token under the ticker CFX rose by 48,47% and is trading at $0,0778 as of February 15, 14:30 UTC, according to Binance.

China Telecom, 2nd largest wireless carrier in China 🇨🇳 (390+ million mobile subscribers), has partnered with Conflux to develop Blockchain-enabled SIM cards - BSIM! pic.twitter.com/LQxz34L432 — Conflux Network Official (@Conflux_Network) February 15, 2023

Conflux is an open, interoperable, and scalable Layer 1 (L1) blockchain, that runs on a hybrid consensus algorithm combining Proof of Work (PoW) and Proof of Stake (PoS), providing high transaction speeds and low fees. It is the only open blockchain that complies with PRC regulations. It cooperates with Shanghai authorities and McDonald’s China.

What is known about the partnership? China Telecom will launch its first BSIM pilot program in Hong Kong in late 2023. It will likely be followed by pilots in key locations in mainland China, such as Shanghai.

BSIM will allow the user’s public and private keys to be stored and managed on the card. The new product will also provide encrypted key storage and retrieval.

Users who switch to BSIM cards will be able to securely store, conveniently transfer, and display their digital assets in a variety of applications, Conflux said.

On January 27, the CFX rate rose by 143% after the integration of blockchain into the Chinese social network and e-commerce platform Little Red Book (Xiaohongshu). Users can now showcase NFTs issued on Conflux on their profile page in the digital collection section.

In February, US-based multinational brokerage Interactive Brokers launched cryptocurrency trading for institutional clients in Hong Kong. Authorities said that they intend to attract crypto companies from around the world to develop Hong Kong as a regional crypto hub.