LayerZero Partners with Conflux for Asia Expansion through Blockchain-Based SIM Card
LayerZero, an interoperability protocol that recently secured a partnership with Google Cloud, is setting its sights on expanding into the Asian market, particularly China. The company has announced a collaboration with Conflux, a Singapore-registered public blockchain with a presence in China, to work on a blockchain-based SIM card (BSIM) project developed in partnership with China Telecom.
The BSIM will enable users to transfer assets and messages across different blockchain networks using LayerZero technology. These SIM cards will securely store private keys on users’ phones. Initially, the project will undergo a pilot program in Hong Kong before rolling out across China.
Conflux has seen a decline in its user activity, with daily transactions dropping from over 40,000 in the first quarter of 2023 to around 20,000 in April. By partnering with LayerZero, Conflux aims to enhance the functionality of BSIM cards, allowing users to move assets stored on the cards to other blockchain networks.
LayerZero and Conflux Team Up for Blockchain-Powered SIM Card Project in Asian Market Expansion
LayerZero is known for its cross-chain messaging protocol, which streamlines the process of transferring assets and information between different blockchains. Ethereum layer-2 protocols Arbitrum and Optimism are among the most widely used LayerZero nodes.
This partnership allows LayerZero to expand its presence in the Asia-Pacific region, which has been a pioneering force in the Web3 space. Additionally, BSIM intends to tap into China Telecom’s extensive user base of 390 million subscribers.
Despite China’s previous crackdowns on cryptocurrency trading and mining, Hong Kong’s recent move to permit some crypto retail trading has raised questions about whether China’s stance on cryptocurrencies is evolving. This collaboration between LayerZero and Conflux could signal a growing interest in blockchain technology within China.