Binance Labs invests in Corn, a DeFi hub, to enhance Bitcoin's utility.
Corn introduces BTCN, blending custodians and smart contracts for Bitcoin.
Corn's fundraising signals market confidence in Bitcoin's DeFi potential.
Binance Labs has invested in Corn, an Ethereum layer 2 network, a cryptocurrency company aiming to establish a new decentralized Bitcoin finance center. This follows Binance's venture capital and incubation arm's announcement.
https://twitter.com/BinanceLabs/status/1825895870556144030
Corn has created BTCN, a hybrid tokenized Bitcoin that combines various custodians, smart contracts, and bridge protocols to increase Bitcoin's utility in the DeFi sector. This investment is an essential step toward advancing early-stage Bitcoin developments.
This strategic funding is part of Corn’s first fundraising round, signaling strong market confidence in its potential to facilitate Bitcoin transactions within the DeFi ecosystem. The newly acquired funds will be directed towards expanding Corn’s infrastructure, including establishing a dedicated incubator, hosting developer competitions, and advancing towards a mainnet launch.
Fostering a DeFi Ecosystem for Bitcoin
Corn's introduction of BTCN is set to revolutionize how Bitcoin is utilized within the DeFi space. By allowing Bitcoin holders to manage their assets across various DeFi applications, Corn aims to create a more inclusive and efficient financial ecosystem. The network leverages BTCN to fuel its operations, aligning transaction fees and native network emissions to benefit its users directly.
The system introduces an innovative model where all network-level yields are redirected to users and protocols. By staking CORN tokens, participants receive popCORN, which allows them to control the distribution of yields derived from BTCN and CORN across the network. This model supports a self-sustaining ecosystem where Bitcoin can be actively engaged in yielding financial opportunities.
Strategic Backing by Binance Labs
Yi He, Co-Founder of Binance and Head of Binance Labs, expressed enthusiasm for Corn’s approach, noting the platform’s potential to significantly enhance Bitcoin’s applicability in DeFi. Binance Labs' backing is expected to propel Corn's development, driving forward its mission to integrate Bitcoin more deeply into the DeFi landscape.
Chris Spadafora, Founder of Corn, highlighted the importance of Binance Labs’ support as an affirmation of Corn’s innovative solutions and its capability to unlock new utilities for Bitcoin within the DeFi space. This partnership is anticipated to accelerate Corn's growth and the broader adoption of its technologies.
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