August 20, 2024
Corn, an Ethereum Layer-2 network that utilizes hybrid tokenized Bitcoin (BTC) as gas and provides Super Yield to its users, has officially launched after raising $6.7 million in seed funding, led by Polychain Capital. The funding round also saw participation from prominent corporate and individual investors, including Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Corn | $6.7M | August 20, 2024 | Seed Round | Polychain Capital | Layer 2 |
Corn’s goal is to create a network-wide “Crop Circle” that brings together users, applications, and token holders into a unified and mutually beneficial ecosystem. The network’s launch addresses the common challenges faced by other decentralized networks, such as misalignment among participants, which can lead to problems like insufficient long-term liquidity, limited token utility, and a lack of dedicated developers. To overcome these issues, Corn aims to provide sustainable yield for users, ensuring liquidity and enhancing utility for token holders.
About Corn
Corn is an Ethereum Layer 2 network that leverages hybrid tokenized Bitcoin (BTC) as gas and offers Super Yield to its users. Recently launched, Corn aims to create a cohesive ecosystem called the “Crop Circle,” aligning users, applications, and token holders. The network addresses common challenges in decentralized networks, such as misalignment among participants, by ensuring sustainable yield, maintaining liquidity, and enhancing token utility. Notable investors in the seed round include Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Website: https://usecorn.com/
About Investor
Investor: Polychain Capital
Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets. Notable investors in Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures, and Founders Fund. The firm has invested in companies such as Coinbase, Kik Messenger, and Tezos. While they considered an initial public offering (IPO) in 2018, they ultimately decided not to proceed. Polychain’s assets fluctuated significantly due to market dynamics, but their focus remains on innovative projects within the crypto space.
Location: San Francisco
Website: https://polychain.capital/
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