November 12, 2024
OKX Ventures, the investment branch of global blockchain firm OKX, has invested in Corn, a platform designed to bring Bitcoin functionality to the Ethereum ecosystem. This development, announced on November 12, 2024, positions Corn as a key player in bridging Bitcoin with decentralized finance (DeFi) on Ethereum. By leveraging Arbitrum and integrating with Coinbase, Corn facilitates Bitcoin holders' access to Ethereum-based DeFi services through a streamlined interface.
Central to Corn’s approach is BTCN, a hybrid tokenized form of Bitcoin, which is backed 1:1 by native BTC. This token serves as the gas token for Corn’s Ethereum L2 network, marking a first for Ethereum Layer 2 solutions. Corn also integrates security features via Babylon, enabling liquidity support for Bitcoin Liquid Staking Tokens (LSTs), further reinforcing the connection between Bitcoin and Ethereum’s DeFi ecosystem. The platform enables users to bridge their Bitcoin assets to Ethereum through a simple one-click process.
Corn’s network is sustained through its staking mechanism, utilizing the CORN token (popCORN) to drive community participation. This staking program incentivizes network growth by allowing participants to direct yield to ecosystem applications. OKX Ventures’ backing positions Corn for continued expansion, with a focus on facilitating greater Bitcoin engagement within Ethereum’s DeFi space.
About Corn
Corn is a Layer 2 solution on Ethereum that enables Bitcoin holders to access decentralized finance (DeFi) applications on the Ethereum network. Using BTCN, a tokenized Bitcoin backed 1:1 by native BTC, Corn simplifies Bitcoin integration with Ethereum. Powered by Arbitrum and integrated with Coinbase, Corn allows for easy bridging of Bitcoin to Ethereum’s DeFi ecosystem while maintaining Bitcoin’s core value.
Website: https://corn.io
X: @use_corn
About Investor
OKX Ventures
OKX Ventures is the investment division of OKX, a global cryptocurrency exchange and Web3 technology company. With an initial capital commitment of $100 million, OKX Ventures focuses on funding blockchain projects that drive innovation and foster sustainable growth within the blockchain industry. The firm aims to support the development of blockchain technologies and entrepreneurs contributing to the long-term advancement of the sector.
Location: Singapore
Website: https://www.okx.com/ventures
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