Skip to content

Ethereum Layer 2 Network Corn Secures $8.3 Million Token Funding from Polychain, Laser Digital, and Other Investors

Company intends to utilize accumulated funds to deepen Bitcoin's presence in the Decentralized Finance (DeFi) sector, employing a hybrid tokenized version, BTCN, as its gas token.

Ethereum Layer 2 Network Corn Successfully Raises $8.3 Million in Token Investment from Polychain,...
Ethereum Layer 2 Network Corn Successfully Raises $8.3 Million in Token Investment from Polychain, Laser Digital, and Other Backers

Ethereum Layer 2 Network Corn Secures $8.3 Million Token Funding from Polychain, Laser Digital, and Other Investors

Corn Raises $8.3 Million in Token Round to Expand DeFi Platform

Corn, an Ethereum layer-2 network, has successfully raised $8.3 million in a token round. The fundraising event, which took place approximately four months after Corn emerged from stealth with $6.7 million in funding, was backed by multiple investors, including Babylon, Polychain Capital, Nomura's Laser Digital, Presto, Tribe Capital, Hypersphere, Amber, and Tandem by Offchain Labs.

The funds raised are expected to support platform development, liquidity provisioning, and user adoption for a hybrid tokenized version of Bitcoin, BTCN, and related products. BTCN is designed to bring Bitcoin liquidity and utility into the Decentralized Finance (DeFi) ecosystem, enabling Bitcoin holders to participate directly in DeFi protocols like lending, borrowing, and yield farming, without selling their Bitcoin.

BTCN combines Bitcoin’s security and scarcity with the programmability of Ethereum-based DeFi smart contracts, effectively bridging Bitcoin into the DeFi ecosystem. The initial funding round was led by Polychain, with participation from Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital.

The token round was oversubscribed, drawing interest from over 4,200 investors. VCs and community investors participated on the same terms. The fundraising event took place on the X platform. Corn's fundraising approach is focused on cultivating a loyal and effective group of early-stage investors at scale.

It's worth noting that Corn uses a hybrid version of Bitcoin for gas fees on its network. The fresh capital raised will be used to further integrate Bitcoin into the DeFi ecosystem using BTCN as its gas token. For more accurate and up-to-date specifics about Corn’s fundraising and BTCN’s design, I recommend checking official announcements from Corn or BTCN’s project website or their latest press releases.

The success of Corn's token round could generate exciting community news, as investors, such as Polychain Capital and Tribe Capital, express their anticipation for the hybrid tokenized version of Bitcoin, BTCN, to become a significant part of the Decentralized Finance (DeFi) ecosystem. With BTCN's potential to bridge Bitcoin into DeFi protocols, technology enthusiasts may follow its development closely.

Read also:

    Latest