Binance Labs, the venture capital and incubation division of Binance, has made a strategic investment in Corn, a pioneering super yield network built on Bitcoin. Corn operates as an Ethereum Layer 2 network with the goal of creating a decentralized finance (DeFi) hub centered around Bitcoin.
Corn has introduced BTCN, a hybrid tokenized version of Bitcoin designed to optimize Bitcoins utility in DeFi. BTCN leverages multiple custodians, smart contracts, and bridging protocols to offer a more secure, scalable, and versatile solution. This hybrid model allows Bitcoin holders to manage their assets based on their risk preferences while engaging with various DeFi applications.
The networks yield generation is entirely redistributed to users and protocols. By staking CORN to earn popCORN, stakers gain control over the distribution of two continuous yield streams: BTCN, derived from network transaction fees, and CORN, generated from native network emissions. This mechanism supports a dynamic ecosystem where Bitcoin can be effectively utilized.
This investment represents Corn‘s inaugural fundraising round. The newly acquired capital will be used to expand Corn’s ecosystem by attracting developers and projects, establishing a dedicated incubator, and hosting developer competitions. Corn is also working towards the launch of its mainnet.
“Binance Labs is dedicated to supporting early-stage innovations that deliver significant and sustainable impact. We are excited to back Corn in their efforts to build a utility-driven ecosystem centered on Bitcoin, making it more accessible and efficient within DeFi,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“We‘re thrilled to have a leading industry player like Binance Labs participate in our initial fundraising round and support our mission to make Bitcoin more usable. Their investment confirms that the time is right to unlock Bitcoin’s potential and build a vibrant ecosystem with extensive utility for BTC,” said Chris Spadafora, Founder of Corn.
