Conflux Foundation commits $500M to fuel PayFi Web3 payments solution

The Conflux Foundation plans to invest $500 million to support the development of PayFi, brief for Pay Finance, a Web3 payments solution.Confluxs $500 million investment will originate from its community fund and will approach developing PayFi, a blockchain-based payments platform that intends to bring traditional finance services to the blockchain.PayFi aims to create a “more integrated worth network,” by bringing financial items like credit cards, invoice financing and reverse factoring onto the blockchain, Conflux Foundation announced on Nov. 11. The Conflux PayFi Stack. Source: Medium.comThe PayFi stack is built on the Conflux blockchain, a layer-1 network concentrated on stablecoin and payment facilities for consumer-grade payments.Blockchain applications with user-friendly user experiences could attract more mainstream cryptocurrency users, as the functionality challenges of current decentralized financing (DeFi) applications are a significant barrier for brand-new crypto investors.Related: Trumps presidency might bring SEC reform and pro-crypto regulationsThis is a developing story, and further info will be added as it appears.