The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.

Conflux’s $500 million investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.

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

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

Blockchain applications with intuitive user experiences could attract more mainstream cryptocurrency users, as the usability challenges of current decentralized finance (DeFi) applications are a major barrier for new crypto investors.

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