The introduction of consumer-facing blockchain apps that provide straightforward user experiences has the potential to attract more mainstream crypto consumers.
In order to facilitate the expansion of PayFi, which is an acronym for Pay Finance and refers to a Web3 payments solution, the Conflux Foundation intends to spend a total of $500 million.
PayFi is a blockchain-based payments platform that intends to transfer conventional financial services to the blockchain. The $500 million investment that Conflux will make will come from its ecosystem fund and will be used to create PayFi.
The Conflux Foundation made the announcement on November 11 that PayFi intends to establish a “more integrated value network” by integrating several financial products onto the blockchain. These products include credit cards, invoice finance, and reverse factoring.
The Conflux blockchain acts as the foundation for the PayFi stack, which is a layer-1 network that focuses on stablecoins and payment infrastructure for consumer-grade transactions.
As the usability issues of existing decentralized finance (DeFi) apps are a key barrier for new cryptocurrency investors, blockchain applications that provide intuitive user experiences have the potential to attract a greater number of mainstream cryptocurrency users.
Also Read: JPMorgan regards Trump’s deregulation of Bitcoin and crypto as a victory for U.S. banks
Wallets