Last week, OKX Ventures, the investment arm of global blockchain service provider OKX, revealed a new investment in Corn, an Ethereum Layer 2 solution. This partnership will help connect Bitcoin (BTC) with the Ethereum ecosystem to boost its use in decentralized finance (DeFi) protocols on Ethereum.
About OKX Ventures
OKX, for its part, is a trading platform for the blockchain industry that invests in developing new ambitious projects globally through OKX Ventures. The company fosters innovation by providing global resources and industry insights to early-stage blockchain projects to establish long-term growth for the crypto space.
Bringing BTC Utility to Ethereum DeFi
Corn is based on the Arbitrum Layer 2 solution and connected to Coinbase, allowing BTC owners to use DeFi applications on the Ethereum network. The project’s approach ensures that Bitcoin can be employed as a value store and part of DeFi operations.
By investing in Corn, OKX Ventures reinforces its commitment to expanding the potential of blockchain technology by connecting two of the most influential crypto ecosystems: Bitcoin and Ethereum.
The BTCN Innovation: A Hybrid Tokenized Bitcoin
The core asset of the infrastructure is the BTCN, which is a Bitcoin-liked digital asset with both equity and token characteristics. BTCN is pegged 1:1 with BTC, allowing its users to pay BTC as gas fees on Corn’s Ethereum Layer 2 solution. This innovation preserves the value of BTC while enabling it to integrate seamlessly into the Ethereum DeFi space, the first of its kind for the industry.
Bridging with Corn is a one-click process, meaning that it is very easy for BTC holders to transfer their BTC to the Ethereum network, creating new possibilities for BTC owners to utilize their assets within the DeFi space.
Sustainable Growth Through Staking and Yield Programs
The Corn ecosystem encourages expansion through a staking program that involves its native asset: the CORN token referred to as popCORN. Coin stakeholders can also distribute staking rewards towards certain DeFi functions, ensuring more traffic and stable organic growth in the ecosystem. This structure encourages users to participate and represents the possibility that ecosystem projects can obtain long-term benefits for users in the future.
A Strategic Move in Blockchain Investment
This investment by OKX Ventures is a step in line with its mission of investing in revolutionary blockchain projects that would transform the industry. OKX Ventures aims to invest in projects that create positive developments within the blockchain industry to support its global development and growth, backed by a USD 100 million investment. Corn, the first Ethereum Layer 2 that utilizes tokenized Bitcoin as gas, can be seen as a valuable addition to OKX’s portfolio.
