Binance’s $10 Billion Arm Invests in New Project: It’s Improving Bitcoin

Binance Labs, Binance’s $10 billion investment arm, has invested in Corn, a super yield network developed for Bitcoin.

Corn stands out as an Ethereum Layer 2 network focused on establishing a decentralized finance (DeFi) center for Bitcoin.

Corn has developed BTCN, a hybrid token that expands Bitcoin’s use in DeFi applications. BTCN offers a more secure, scalable, and versatile solution by integrating multiple custody services, smart contracts, and bridge protocols. This hybrid approach allows Bitcoin holders to manage their assets according to their risk preferences, while allowing them to use these assets in a variety of DeFi applications.

Preparing to go Mainnet

This investment is Corn’s first round of funding. With the capital it has raised, Corn plans to expand its ecosystem and bring in projects and developers, including establishing an incubator and organizing developer competitions. They are also moving towards a mainnet launch.

“Binance Labs is committed to supporting early-stage innovations that create meaningful and sustainable impact,” said Yi He, co-founder and president of Binance Labs. “We look forward to supporting Corn in developing a utility-focused ecosystem for Bitcoin, so that Bitcoin can be used more effectively and efficiently in DeFi.”

“We are excited to have an industry-leading organization like Binance Labs join our first round of funding and support our mission. This investment demonstrates that it is time to unlock Bitcoin’s potential and validates our goal of introducing a vibrant ecosystem with a large use case for BTC,” said Chris Spadafora, founder of Corn.