Binance has announced that Binance Labs, the venture capital and incubation arm of Binance, has made a strategic investment in Corn, the first super yield network designed around Bitcoin. Corn is an Ethereum Layer 2 network focused on establishing a decentralized finance (DeFi) hub specifically for Bitcoin. This move underscores Binance Labs' commitment to fostering early-stage innovations that offer meaningful and sustainable impacts on the cryptocurrency ecosystem.
Corn's unique contribution to the DeFi space is the introduction of BTCN, a hybrid tokenized version of Bitcoin. This token leverages 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 across various DeFi applications. The network also features a yield distribution system where stakers of CORN tokens receive popCORN, allowing them to control the flow of BTCN and CORN yields, thus creating a dynamic and user-driven ecosystem.
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.
