Main Takeaways:
Binance Labs, the venture capital and incubation arm of Binance, has invested in Corn, the first super yield network built around Bitcoin. Corn is an Ethereum Layer 2 network focused on establishing a decentralized finance (DeFi) hub for Bitcoin.
Corn has introduced BTCN, a hybrid tokenized Bitcoin that enhances Bitcoin’s use in DeFi. BTCN incorporates multiple custodians, smart contracts, and bridging protocols, providing a more secure, scalable, and versatile solution. This hybrid approach ensures Bitcoin holders can manage their assets according to their risk preferences while utilizing them across various DeFi applications.
All network-level yields are redirected to users and protocols. By staking CORN to receive popCORN, stakers control the distribution of two continuous yield streams: BTCN (from network transaction fees) and CORN (from native network emissions) to app users on the network. This helps foster a vibrant ecosystem so people can finally put their Bitcoin to work.
This investment marks Corn’s first fundraising round. With the new capital, Corn plans to expand its ecosystem by onboarding builders and projects, including establishing a dedicated incubator, hosting developer competitions. They are also working towards their mainnet launch.
“Binance Labs is committed to championing early-stage innovation that delivers meaningful and sustainable impact. We look forward to supporting Corn as they develop a utility-driven ecosystem centered around Bitcoin, enabling it to be more effectively and efficiently utilized in DeFi,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“We’re excited to have an industry leader like Binance Labs join our initial fundraising round and support our mission of making it easy for people to finally use their corn. Their investment further validates that the time is now to start unlocking Bitcoin and introduce a vibrant ecosystem with a ton of utility for BTC,” said Chris Spadafora, Founder of Corn.
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About Binance Labs
As the venture capital arm and incubator of Binance, Binance Labs is dedicated to empowering early-stage projects and leading the growth and development of the Web3 ecosystem. Since our founding in 2018, we have consistently focused on the long-term, and provided strategic support and funding to projects, regardless of market cycles.
As a chain- and sector-agnostic venture capital leader in the Web3 space, we back everything from infrastructure to application layers, and our focus has consistently been on tech innovation with meaningful product-market fit and sustainable revenue models.
Binance Labs’ portfolio covers over 250 projects from over 25 countries across six continents. More than 65 of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.
About Corn
Corn is a new Ethereum Layer 2 network that uses its new hybrid tokenized Bitcoin, BTCN, as gas while introducing Super Yield Farming™: where all network-level yields flow back to users and protocols. For more information, follow Corn on X.
Disclaimer: The information provided in this article is intended for informational purposes only and does not constitute investment advice, endorsement, analysis, or recommendations with respect to any financial instruments, investments, or issuers. This article may contain forward-looking statements which are by nature subject to risks and uncertainties. Investment in cryptocurrency and DeFi projects involves substantial risk, including the risk of complete loss. This article does not take into account the investment objectives, financial situation, or specific needs of any particular person and each individual is urged to consult their legal and financial advisors before making any investment decisions.
