Just-In: Binance Labs Invests In Bitcoin Yield Generating Network Corn
Highlights
- Binance Labs invests in Ethereum layer 2 Bitcoin yield-generating network Corn.
- Polychain Capital, another investment giant, injected millions into the project.
- Binance marks another monumental achievement, underscoring robust security on the platform.
Venture capital and incubation arm Binance Labs has once again made global headlines, investing in the Bitcoin yield-generating network Corn. The crypto exchange today issued an official announcement, revealing its investment in the abovementioned project. Meanwhile, the firm also marked another monumental landmark recently, boasting top-notch user security on the platform.
Binance Labs Invests In Corn
As per an official Binance announcement today, August 20, the crypto firm’s venture capital and incubation arm invested in Corn, an Ethereum Layer 2 network zeroing in on establishing a decentralized finance (DeFi) hub for Bitcoin. Nevertheless, the funds injected into the project remains undisclosed by the crypto exchange.
Notably, the project Corn revealed BTCN, a hybrid tokenized Bitcoin that enhances the world’s first crypto’s use in DeFi. “BTCN incorporates multiple custodians, smart contracts, and bridging protocols, providing a more secure, scalable, and versatile solution,” the announcement added.
Corn primarily ensures the seamless management of BTC holders’ assets while also facilitating its utilization across various DeFi applications. Yi He, the Co-Founder and Head of Binance Labs, stated, “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.”
Simultaneously, founder of Corn, Chris Spadafora added, “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’s worth mentioning that Polychain Capital, a leading investment giant, also injected $6.7 million into the BTC yield-generating network recently.
Crypto Exchange Marks Another Landmark
Meanwhile, a recent release by the leading crypto exchange also spotlighted that it prevented $2.4 billion worth of user losses in 2024. This underscores a pivotal achievement for the crypto firm, as other renowned exchanges like WazirX take heat over compromised security in the interim.
Also, the firm continues to revolutionize user experience on the platform. Recently, Binance unveiled Voxies (VOXEL) futures listing, sparking further discussions across the global crypto community.
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