Posted 1 year ago | by Ben Armstrong

New DeFi Association – Conflux Network – Working to Unite Global Markets

More and more people are showing interest in the concept of decentralized finance (DeFi), especially the movement of applying DeFi technology to create new financial technology systems with the participation of many businesses and institutions.

Amid the evolution of DeFi, a China’s blockchain startup is rolling out a new DeFi alliance. The Conflux Network, a blockchain platform that was created in China, has introduced a new DeFi-oriented alliance based on major players' global cooperation, dubbed “Open DeFi.”

The new alliance is working to bridge the gap between Eastern and Western DeFi markets, bringing together Chinese blockchain operators and global DeFi startups to optimize cross-border development, sustainability and digital transformation.

Conflux is a Good Idea – but China won't Like it

As indicated in the announcement on September 3, the Chinese government is supporting the new union through the Shanghai Science and Technology Committee.

The Open DeFi is backed by ConFlux Network with the presence of several leading industry names, such as China’s major protocol dForce and other members in the venture capital sector like Sequoia Capital, Blockpower Capital, Antelope Holdings, DeBank and MCDEX.

Alliance's strategy will involve individual units of work, distributed into three main areas: risk management, new liquidity approaches, development and innovation. The team has planned a route and determined how they would work together.

A Bright Year for DeFi

DeFi is gradually being evaluated as the future of the world economy and the global financial market. Many have mentioned its possibility of replacing centralized finance, which has many shortcomings, or even fintech.

2020 could be a remarkable point of global economy with the expansion of DeFi and the technologies built on top of DeFi platforms may powerful as the decade unfolds.

From the launch of a consortium of DeFi project Ren in March, the Chicago DeFi Alliance in April and a global DeFi alliance led by global crypto exchange Huobi, all roads are leading to DeFi.

China is Looking for Isolation

Unfortunately for China, its obsession with control will eliminate any advantages it may have in the world of DeFi. The CCP cannot simultaneously develop blockchain platforms that engender decentralization and control them as it does the Chinese economy.

The same kind of propaganda that appears to work in the domestic Chinese market is transparent when it is viewed by critics that aren't intimidated by the CCP's internal enforcement mechanisms – which makes the Conflux Network a non-starter until there are huge political changes in China.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g New DeFi Association – Conflux Network – Working to Unite Global MarketsBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.