The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.
The Conflux Foundation, a non-profit organization dedicated to the development of the Conflux blockchain, is set to allocate $500 million from its ecosystem fund to support the growth of PayFi, a Web3 payments solution. The foundation's goal is to integrate traditional finance services into the blockchain.
According to an announcement made by the Conflux Foundation on Nov. 11, PayFi will bring financial products such as credit cards, invoice financing and reverse factoring onto the blockchain, ultimately creating a “more integrated value network.”
The PayFi stack is built on the Conflux blockchain, a layer-1 network that focuses on stablecoin and payment infrastructure for consumer-grade payments.
This move comes amid a broader effort to make blockchain applications more accessible to mainstream users. The usability challenges of current decentralized finance (DeFi) applications are a major barrier for new crypto investors.
PayFi aims to cater to consumer payments by introducing credit cards that offer users easy access to DeFi-generated future yields through a fully automated onchain process.
Users can use the onchain yield to pay for goods and services through the credit card without relying on other DeFi protocols or traditional banking infrastructure.
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