Ethereum layer 2 network Corn has secured crowdfunding worth $8.3 million. According to the official announcement, Corn has raised $8.3 million in a community investment round to use Bitcoin in the decentralized banking ecosystem.
In addition to venture and investment organizations Polychain, Amber, GSR, Presto, Laser Digital, and others, 675 investors participated in the round, which was raised through the Legion token sale platform, which complies with regulations.
The round comes after Corn had previously raised money from OKX.
Corn’s Investment Round Sees Over 4,200 investors
The investment round attracted over 4,200 investors and was oversubscribed, with requests seven times greater than supply.
Through a new hybrid tokenized version called BTCN, Corn hopes to further integrate Bitcoin into the DeFi ecosystem by using it as a gas token, even though it isn’t yet completely functional.
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Corn’s Previous Fund Raise By OKX
Today’s funding comes after Corn had previously raised money from OKX. In a move to bring Bitcoin utility to the Ethereum ecosystem, OKX Ventures invested in Corn.
The selling point for Corn includes features that it makes simple for Bitcoin holders to experience the finest of Ethereum DeFi because of its integration with Coinbase and Arbitrum power.
Corn is the first Ethereum L2 network to use a hybrid tokenized Bitcoin (BTCN) as its gas token and the first Bitcoin-secured network by Babylon with liquidity support for BTC LSTs. This innovation offers a sustainable, safe, and innovative approach to maximizing the potential of Bitcoin.
Corn also announced a $6.7 million seed investment round in August 2024, led by Polychain Capital and including prominent investors Binance Labs, Framework Ventures, and others. The goal of this round was to help the Corn ecosystem get off the ground.
Corn’s BTCN Offers Bitcoin Holders to Take Part in Ethereum DeFi
Corn’s idea is around BTCN, a hybrid tokenized Bitcoin that is 1:1 backed by native BTC. The core value proposition of Bitcoin is preserved by this novel method, which enables BTC holders to take part in Ethereum DeFi while paying for gas with their BTC. A straightforward one-click procedure allows users to connect their Bitcoin to the Ethereum ecosystem.
Its staking feature, which uses CORN coins (popCORN) to allow community members to allocate yield to ecosystem applications, is what propels the network’s ecosystem development. This strategy encourages active involvement in the network’s development and guarantees sustained growth.
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