Binance Labs Invests in Corn to Increase Bitcoin's Utility in DeFi

Bittime - Binance Labs has just announced its strategic investment in Corn, an Ethereum layer 2 network focused on developing a Bitcoin-based decentralized finance (DeFi) hub. 

This investment aims to expand Bitcoin's utility in the DeFi ecosystem, by introducing BTCN, a hybrid Bitcoin token that combines multiple custodians, smart contracts, and bridge protocols.

BTCN: A Hybrid Solution for Bitcoin in DeFi

Corn has created BTCN as a solution to increase Bitcoin involvement in DeFi applications. This token allows Bitcoin holders to manage their assets more efficiently in various DeFi applications. 

With an innovative model, Corn directs all yield results at the network level back to users and protocols. 

Users who stake CORN tokens will receive popCORN, which allows them to control the distribution of yield generated from BTCN and CORN across the network.

Corn's First Funding Round: A Sign of Market Confidence

This investment is part of Corn's first funding round, signaling market confidence in its potential to facilitate Bitcoin transactions within the DeFi ecosystem. 

The funds raised will be used to expand Corn's infrastructure, including building an incubator, hosting developer competitions, and preparing for mainnet launch.

The Future of Bitcoin in DeFi: Support from Binance Labs

Yi He, Co-Founder of Binance and Head of Binance Labs, expressed his enthusiasm for Corn's approach, which is seen as being able to significantly increase the application of Bitcoin in DeFi. 

Support from Binance Labs is expected to accelerate the development of Corn and encourage wider adoption of this technology. 

Chris Spadafora, Corn Founder, emphasized the importance of Binance Labs' support in recognition of Corn's innovative solution and its ability to unlock new utility for Bitcoin in the DeFi space.

Conclusion

With this support, Corn is expected to bring major changes in the way Bitcoin is used in the decentralized finance sector, strengthening its position as a more inclusive and productive asset in the DeFi world.

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