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Funding
Corn raises USD 6.7 million in seed funding to develop Bitcoin-centric network
Decentralized Finance (DeFi)
Aug 20, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

View industry hub
Aug 20, 2024

Corn raises USD 6.7 million in seed funding to develop Bitcoin-centric network

Funding

  • Corn, a Bitcoin-centric yield aggregation protocol, has raised USD 6.7 million in seed funding led by Polychain Capital, with participation from HTX Ventures, Binance Labs, Framework Ventures, and Relayer Capital.

  • Corn is an Ethereum layer-2 network that aggregates opportunities for users to earn yields on their Bitcoin holdings. The platform operates via a two-token model, offering BTCN, a tokenized version of Bitcoin to allow users to pay transaction fees, and CORN, which can be staked to earn yields or vote on governance proposals. Notably, the protocol extends the minting rights of BTCN to include multiple custodians, smart contracts, and bridging protocols.

  • Analyst QuickTake: The Bitcoin-based DeFi space has seen a large influx in investor interest with a number of startups raising funding. Corn joins the likes of Bitlayer , Arch Labs , ZKM , and Botanix Labs which raised USD 11 million , USD 7 million , USD 5 million , and USD 8.5 million , respectively, within the last three months.

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