Conflux’s native token, CFX, saw a massive rise on February 15 following news that Conflux Network has partnered with China’s 2nd largest telecom provider to develop blockchain-enabled SIM cards.
At the time of publication, the CFX token was up 77% in the last 24 hours at $0.098. Its 24-hour trading volume is also up a whopping 1540% as traders jumped into the volatility.
According to a tweet from Conflux Network on Wednesday, the second-largest wireless carrier in China, China Telecom, with an estimated 390 million subscribers, will collaborate with Conflux Network to develop blockchain-based SIM cards.
Later this year, China Telecom will introduce the first BSIM pilot program in Hong Kong, according to Conflux Network. Pilots in main parts of mainland China, like Shanghai, will probably do the same after that.
The BSIM card will handle digital signatures in a way that prevents the private key from leaving the card while managing and storing the user’s public and private keys inside the card. Key retrieval and encrypted storage are both possible with the BSIM card.
According to Conflux, users who switch to a BSIM card will be able to store their digital assets safely, transfer them easily and display them in several applications.
Conflux is a quick and affordable blockchain that touts being the first publicly accessible blockchain in China that complies with regulations. Conflux has worked on blockchain and metaverse projects in the area with international companies and governmental organizations, including Shanghai, McDonald’s China, and Oreos.
Contrary to the stock market, the largest cryptocurrency, Bitcoin, had an increase on Wednesday. Digital assets have shown resiliency despite the rising U.S. Dollar Index (DXY).
The price of Bitcoin (BTC) has now increased by more than 6% during the past 24 hours, according to CoinGecko.
Major altcoins like Ethereum (ETH), XRP, and Dogecoin are also up. By posting significant gains in January, bitcoin got the year off to a great start.
However, the Securities and Exchange Commission and other U.S. officials increasing their regulatory scrutiny of crypto companies had negatively impacted prices.
At the time of publication, Bitcoin was up 6.35% at $23,610 and up 3.44% in the last 24 hours.
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