Last week marked a significant move in the blockchain industry as OKX Ventures, the investment arm of global blockchain service provider OKX, announced its latest investment in Corn, an Ethereum Layer 2 solution. The partnership is aimed at enhancing the integration of Bitcoin (BTC) within the Ethereum ecosystem to augment its utility in decentralized finance (DeFi) protocols on Ethereum.
OKX is renowned as a trading platform for the blockchain industry that conscientiously invests in new, groundbreaking projects worldwide through OKX Ventures. The company is committed to fostering innovation by providing global resources and industry insights to early-stage blockchain projects, thereby facilitating long-term growth in the crypto space.
Corn, based on the Arbitrum Layer 2 solution and connected to Coinbase, offers a unique proposition to BTC owners. It allows them to utilize DeFi applications on the Ethereum network, thereby ensuring that Bitcoin can serve both as a value store and part of DeFi operations. By investing in Corn, OKX Ventures is further reinforcing its commitment to extend the potential of blockchain technology by connecting two of the most influential crypto ecosystems: Bitcoin and Ethereum.
At the heart of the infrastructure is the innovative BTCN, a hybrid Bitcoin-liked digital asset with both equity and token characteristics. BTCN is pegged 1:1 with BTC, enabling users to pay BTC as gas fees on Corn’s Ethereum Layer 2 solution. This groundbreaking initiative not only preserves the value of BTC but also facilitates its seamless integration into the Ethereum DeFi space, marking a first in the industry.
Transferring BTC to the Ethereum network via Corn is a simple, one-click process, creating new opportunities for BTC owners to use their assets within the DeFi space. The Corn ecosystem incentivizes growth through a staking program involving its native asset, the CORN token – also known as popCORN. Coin stakeholders can distribute staking rewards towards specific DeFi functions, thereby driving more traffic and ensuring steady organic growth in the ecosystem.
OKX Ventures’ investment in Corn aligns perfectly with its mission of investing in revolutionary blockchain projects that have the potential to transform the industry. Backed by a USD 100 million investment, OKX Ventures aims to support projects that foster positive developments within the blockchain industry, contributing to its global development and growth. With Corn being the first Ethereum Layer 2 to use tokenized Bitcoin as gas, it is seen as a valuable addition to OKX’s investment portfolio.
