Binance, which risks everything for the survival of the cryptocurrency market and tries to do this with thousands of employees, continues to launch new projects and initiatives. Here are the developments and details;
Binance announced that Binance Labs, Binance's venture capital and incubation arm, has made a strategic investment in Corn, the first super yield network designed around Bitcoin. Corn is an Ethereum Layer 2 network focused specifically on building a decentralized finance (DeFi) center for Bitcoin. This move highlights Binance Labs' commitment to supporting early-stage innovations that deliver meaningful and sustainable impacts in the cryptocurrency ecosystem.
Corn's unique contribution to the DeFi space is the introduction of BTCN, a hybrid tokenized version of Bitcoin. This token uses multiple custodians, smart contracts, and bridging protocols to provide a secure, scalable, and versatile solution for Bitcoin holders. BTCN allows users to manage their assets according to their risk preferences, while enabling the use of Bitcoin in a variety of DeFi applications.
This investment marks Corn's first round of funding. With the new capital, Corn plans to expand its ecosystem by including builders and projects, such as setting up a dedicated incubator and hosting developer competitions. They are also working on mainnet launches.
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