Binance Labs Invests in Corn, a Bitcoin Yield-Generating Network

Venture capital and incubation arm Binance Labs has once again made global headlines, investing in the Bitcoin yield-generating network Corn.

Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has invested in Corn, an Ethereum Layer 2 network that aims to become a decentralized finance (DeFi) hub for Bitcoin.

The investment was announced by Binance Labs on August 20. The funds injected into the project were not disclosed.

Corn is building BTCN, a hybrid tokenized Bitcoin that enables the world’s first cryptocurrency to be used in DeFi. “BTCN integrates multiple custodians, smart contracts, and bridging protocols, offering a safer, more scalable, and versatile solution,” the announcement adds.

Essentially, Corn enables BTC holders to seamlessly manage their assets and use them across multiple DeFi applications.

“Binance Labs is dedicated to fostering early-stage innovation with the potential for large-scale impact. We are excited to support Corn as they build a utility-driven ecosystem around Bitcoin, allowing it to be used more easily and efficiently in DeFi,” said Yi He, Co-Founder and Head of Binance Labs.

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