Binance Labs Invests in Corn, a DeFi Project for Bitcoin

Binance Labs, the venture capital arm of Binance, has announced its participation in a $6.7 million Seed funding round for Corn, an Ethereum Layer-2 network focused on building a DeFi financial hub for Bitcoin.

This Seed funding round was led by Polychain Capital, with participation from notable investors such as Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, Relayer Capital, and several angel investors including Sandeep Nailwal (co-founder of Polygon), Smokey and Papa Bear (co-founders of Berachain), Primo (Layer Zero), Udi Wertheimer (founder of Taproot Wizards), Andrew Huang (founder of Conduit), Sam MacPherson (former MakerDAO developer), Brian Kang (co-founder of FactBlock), and Georgios Vlachos (founder of Axelar Network).

Related: Binance Labs Invests in Solayer Protocol on Solana

What will Corn do with this capital?

This is Corn’s first fundraising round. With the new capital, Corn plans to expand its ecosystem by attracting developers and building projects, establishing a dedicated incubator, and organizing developer competitions. The new funds will also help Corn accelerate the launch of its mainnet.

Corn is the first Ethereum Layer-2 project to use BTC as gas fees. Recently, Corn introduced BTCN, a hybrid token based on Bitcoin that enhances the utility of BTC within the DeFi ecosystem. BTCN is integrated with various custodians, smart contracts, and bridging protocols, offering a secure and scalable solution.