Conflux (CFX) has signed a partnership deal with China Telecom for the development of blockchain-based SIM cards. Conflux’s native $CFX has posted an over 44% gain following the positive news.

Major Chinese telecom firm partners with Conflux 

In another exciting news for the web3 industry, China Telecom, the country’s second-largest wireless carrier, has joined forces with Conflux Network, a multi-chain blockchain ecosystem dedicated to enabling creators, communities, and markets to connect globally across borders and protocols.

Per a Feb. 15 tweet by the team, the partnership will see to the development of blockchain-enabled SIM cards (BSIM) for China Telecom’s over 390 million subscribers, with the first BSIM pilot scheduled to go live later in the year.

The team says BSIM will be powered by Conflux’s tree-graph, dual proof-of-stake, and proof-of-work technology, offering users unparalleled system performance, public and private key storage capability, and more.

$CFX token price moons

Fueled by the positive news, the price of $CFX has risen by 44.9% in the 24-hour timeframe and is exchanging hands for $0.076669, with a market capitalization and trading volume of $157,593,724, and $108,191,510, respectively at press time. 

_{$CFX 24-hour chart. Source: Coingecko}

Looking at the bigger picture, $CFX is still down by over 95% from its all-time high (ATH) of $1.70 in March 2022 and up by 242.10% from its all-time low of $0.02199898 in December 2022, according to data available on Coingecko.