The Conflux Foundation plans to invest $500 million to support the development of PayFi, brief for Pay Finance, a Web3 payment solution.

Conflux’s $500 million investment will come from an ecosystem fund and will be used to develop PayFi, a blockchain-based payment platform that aims to bring established financial services to the blockchain.

PayFi aims to create a “more integrated value network” by bringing financial products such as credit cards, invoice financing and reverse factoring to the blockchain, Conflux Foundation announced November 11.

The PayFi stack is built on the Conflux blockchain, a Layer 1 network focused on stablecoins and payment infrastructure for consumer-grade payments.

Blockchain applications that offer intuitive user experiences could attract more mainstream cryptocurrency users as usability challenges with current decentralized finance (DeFi) applications pose a major barrier to novel cryptocurrency investors.

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This is a developing story and more information will be added as it becomes available.