The Conflux Foundation has announced plans to invest $500 million to support the development of PayFi, a Web3 payment solution.

PayFi aims to create an “integrated value network” by bringing financial products like credit cards, bill payments, and cashback onto the blockchain. It is built on the Conflux platform, a Layer 1 network focused on providing stable infrastructure and payment solutions for consumer applications.

By delivering blockchain applications with intuitive user experiences, PayFi seeks to attract more mainstream cryptocurrency users. The project addresses the usability challenges currently facing decentralized finance (DeFi) applications, which remain a significant barrier for new crypto investors.