Corn Startup Management Receives $6.7 Million From Investors
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Johny Smith
2024/09/12
3 mins read
The developers of Corn, a Layer 2 Ethereum-based project, recently closed a seed funding round. They raised $6.7 million from investors. The round was led by Polychain, with support from Binance Labs, hiFramework, Ventures HTX, and a number of other well-known venture firms, including Primordial and Offchain Labs.
Corn’s primary focus is to simplify the integration of Bitcoin (BTC) into the DeFi sector, which remains a challenging task due to Bitcoin’s nature as a layer 1 network. To address this, the developers have implemented tokenized BTC, known as BTCN, which serves as the primary tool for interacting with DeFi protocols, working through various custodial solutions, smart contracts, and bridge protocols. These tools make the process of transferring Bitcoin between different networks more secure, scalable, and flexible.
Corn’s unique feature is the ability to stake the native CORN token, allowing investors to earn popCORN rewards. These can be earned in two ways: either through transaction fees or by providing liquidity to other network users.
The investment received in this round will be used to further develop Corn’s infrastructure, improve the user experience, and expand the platform’s functionality. With the participation of major players such as Binance Labs and Offchain Labs, the project has every chance of becoming a key tool in the decentralized finance ecosystem.
Experts note that such investments reflect venture capital funds’ confidence in the prospects of integration Bitcoin in DeFi. While traditional protocols are mostly focused on other cryptocurrencies, such as Ethereumprojects like Corn are opening up new horizons for the use of Bitcoin in this fast-growing sector.
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