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Leading Equipment Manufacturer XCMG Enters the Web3 Space

XCMG Machinery, the world’s third-largest construction equipment manufacturer, has teamed up with Singaporean blockchain and fintech firm Zen Spark Technologies Pte Ltd and blockchain network Conflux. The three will work together towards their common goal of finding new applications for blockchain and Web3 around the world.

According to a statement, the partnership will draw on the expertise of all three companies to investigate innovative uses for blockchain and Web3 technology in the international marketplace. This comes as more institutions angle for a share of the Web3 space and test out new business models within its globally interconnected ecosystem.

The three companies hope to create new applications for blockchain and explore the opportunities in Web3 by combining XCMG’s worldwide reach with the innovative technologies of Conflux and the financial know-how of Zen Spark.

New dawn as traditional industries join web3

With an export revenue of ($1.83 Billion) in the first half of 2022, a growth, XCMG is presently ranked third among the top construction equipment manufacturers in the world. As a world leader in the construction machinery industry, XCMG’s involvement in Web3 is certainly indicative of changing perception of traditional industries towards Web3.

This collaboration marks a major step forward for blockchain technology and its integration into established markets. According to XCMG, the company’s long-term investments and groundbreaking innovations in the technology underlying its equipment are what fuel its mission.

XCMG has previously shown its intent to go the Web3 way. For instance, the company revealed Bored Ape Yacht Club NFT #3489 (BAYC #3489) as its Metaverse Ambassador during the CONEXPO-CON/AGG trade conference in Las Vegas. In addition, XCMG and Conflux are working together to release their initial NFT collection into international markets.

Conflux says it is in a prime position to develop innovative solutions and explore new applications of blockchain and Web3 technology thanks to its state-of-the-art blockchain technology and the knowledge and experience of Zen Spark in the fields of fintech and blockchain.

“We are thrilled to partner with XCMG and Zen Spark to explore new opportunities in the global market,” said Fan Long, Founder of Conflux. “. This partnership is a testament to our shared commitment to innovation and our belief in the potential of blockchain to transform traditional industries.”

XCMG is eager to take advantage of its relationship with Conflux and Zen Spark Technologies Pte Ltd. The industrial giant plans to leverage their knowledge of blockchain technology and fintech to introduce ground-breaking products and services to consumers throughout the world.