Binance Labs, the venture capital and incubation arm of Binance, has invested in Corn, a platform that claims to be the first super yield network built around Bitcoin.
Corn is an Ethereum Layer 2 network focused on establishing a decentralized finance (DeFi) hub for Bitcoin.
Corn has introduced BTCN, a hybrid tokenized Bitcoin “that enhances Bitcoin’s use in DeFi. BTCN incorporates multiple custodians, smart contracts, and bridging protocols, providing a more secure, scalable, and versatile solution.”
This hybrid approach ensures Bitcoin holders “can manage their assets according to their risk preferences while utilizing them across various DeFi applications.”
All network-level yields are redirected to users and protocols. By staking CORN to receive popCORN, stakers control “the distribution of two continuous yield streams: BTCN (from network transaction fees) and CORN (from native network emissions) to app users on the network.”
This helps foster a vibrant ecosystem so people “can finally put their Bitcoin to work.”
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.”
Yi He, Co-Founder of Binance and Head of Binance Labs said:
“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.”
Chris Spadafora, Founder of Corn said:
“We’re excited to have an industry leader like Binance Labs join our initial fundraising round and support our mission of making it easy for people to finally use their corn. Their investment further validates that the time is now to start unlocking Bitcoin and introduce a vibrant ecosystem with a ton of utility for BTC.”
As the venture capital arm and incubator of Binance, Binance Labs is “dedicated to empowering early-stage projects and leading the growth and development of the Web3 ecosystem.”
Since their founding in 2018, they have consistently “focused on the long-term, and provided strategic support and funding to projects, regardless of market cycles.”
As a chain- and sector-agnostic venture capital leader in the Web3 space, they back everything from infrastructure “to application layers, and their focus has consistently been on tech innovation with meaningful product-market fit and sustainable revenue models.”
Binance Labs’ portfolio covers “over 250 projects from over 25 countries across six continents. More than 65 of Binance Labs’ portfolio companies are projects that have gone through our incubation programs.”