Conflux Taps Outlier Ventures' Crypto Head for North American Expansion

Conflux, the Chinese Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startup, has hired Eden Dhaliwal, the former crypto head of venture fund Outlier Ventures, as its new global managing director.

As detailed by a Coindesk report, he will lead the Beijing-based startup's efforts to expand its business in North America.

Based in Toronto, he will help set up Conflux's Toronto office, which is scheduled to open in the next two weeks and will head a ten-person team to conduct research and seek local investors and business partners.

"Generally, our network is going to be a pathway and conduit into the China market for our partners in North America, given our traction in the country," Dhaliwal told the crypto-focused publication.

He is joining the startup from Outlier Ventures, where he headed its investments in the blockchain and crypto-related firms for three years. He will continue to work as an advisor to the venture firm, along with a handful of other blockchain companies.

The Beijing-headquartered company is developing a proof-of-work blockchain, reaching consensus with its native token. Its main goal is to overcome the scalability limits.

"We think there are opportunities to expand beyond Ethereum, especially in the decentralized finance space," Dhaliwal added. "Our early focuses are definitely on DeFi and open finance such as decentralized exchanges, stablecoins, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, remittance, and lending."

Chinese influence in blockchain

Conflux's global expansion goals took off as it received financial support from the Shanghai government last month. It is also conducted a private token sale in 2018, raising $35 million from firms like Sequoia and Huobi.

The Chinese company also entered the African market by setting up an office in Nigeria and sees huge potential in many parts of the continent without having a traditional financial infrastructure.