Binance Labs announced today that it has made a major investment in Corn, a network focused on generating Bitcoin yield.
Binance Labs, Binance’s venture capital and incubation arm, has once again made headlines with its investment in the Bitcoin yield-generating network Corn.
The crypto exchange officially announced the investment today, although the specific amount invested remains undisclosed.
Binance Labs Invests in Corn
According to Binance’s announcement on August 20, the crypto firm’s venture capital arm has invested in Corn, an Ethereum Layer 2 network focused on creating a decentralized finance (DeFi) hub for Bitcoin.
Notably, Corn has introduced BTCN, a hybrid tokenized Bitcoin that enhances Bitcoin’s use in DeFi.
The announcement highlighted that “BTCN incorporates multiple custodians, smart contracts, and bridging protocols, providing a more secure, scalable, and versatile solution.”
Corn’s primary focus is to ensure the seamless management of Bitcoin holders’ assets while enabling their use across various DeFi applications.
Yi He, Co-Founder and Head of Binance Labs, commented, “The firm 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.”
Corn’s founder, Chris Spadafora, also expressed enthusiasm about the partnership, stating, “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.”
Additionally, it is noteworthy that Polychain Capital, a prominent investment firm, recently invested $6.7 million in the BTC yield-generating network.
Crypto Exchange Achieves Another Milestone
In a recent announcement, Binance also highlighted that it had prevented $2.4 billion in user losses in 2024, marking a significant achievement in user security, especially as other exchanges like WazirX face criticism over security issues.
Binance continues to enhance the user experience on its platform, with the recent listing of Voxies (VOXEL) futures generating further discussions within the global crypto community.
