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HTX Ventures Invests in Corn

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Corn

Corn, a developer of an Ethereum Layer 2 network, received an investment from HTX Ventures.

The amount of the deal was not disclosed.

The company intends to use the funds to expand operations and its development efforts.

Founded by a team of long-term DeFi builders that started projects like Badger, Code4rena, Slingshot and 0xBow, Corn aims to foster an ecosystem that aligns users, applications, and token holders within a unified, mutually beneficial framework, offering a wealth of applications while unlocking Bitcoin through BTCN.

By enabling BTCN as a gas token via 1:1 backing with Bitcoin, the Corn Layer 2 Network effectively scales Bitcoin via the EVM. BTCN is the first tokenized Bitcoin backed 1:1 by native Bitcoin that is not confined to a single centralized custodian or bridging solution. Instead, it extends its minting rights to include multiple custodians, smart contracts, and bridging protocols. Corn advocates for a hybrid approach to DeFi’s Bitcoin, emphasizing solvency and scalability, allowing Bitcoin holders the flexibility to choose how their Bitcoin is custodied while using it in various ways.

The company has recently completed a $6.7m seed financing round, led by Polychain Capital.

FinSMEs

22/08/2024

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