Quick take:
Both VCs and community investors participated on the same terms.
The company said the token round was oversubscribed, drawing interest from more than 4,200 investors.
Corn emerged from stealth in August 2024, with $6.7 million in Funding.
Corn, an Ethereum layer-2 network that uses a hybrid version of Bitcoin for gas fees, has raised $8.3 million in a token round backed by Babylon, Polychain Capital, Nomura’s Laser Digital, Presto, Tribe Capital, Hypersphere, Amber, and Tandem by Offchain Labs, among others.
Overall, the round was backed by over 675 investors, including crypto community members. VCs and community investors participated on the same terms.
According to Corn’s post on the X platform, the token round was oversubscribed, drawing interest from more than 4,200 investors.
Dubbed "ICO 2.0," Corn's fundraise focused on cultivating a loyal and effective group of early-stage investors, at scale.
VCs and trench warriors participated at the same terms.
Now Corn has an army of builders, ambassadors & industry leaders invested in its success. pic.twitter.com/3ObTP6Gv9u
— corn (@use_corn) January 22, 2025
Corn described its fundraising approach as “focused on cultivating a loyal and effective group of early-stage investors at scale.”
“Now Corn has an army of builders, ambassadors & industry leaders invested in its success.”
The company plans to use the fresh capital to further integrate Bitcoin into the DeFi ecosystem by using a hybrid tokenised version, BTCN as its gas token. The company said BTCN will be backed 1:1 by native Bitcoin and will not be limited by a single custodian or a bridging solution.
The fundraising comes barely four months after Corn emerged from stealth with a $6.7 million funding led by Polychain, with participation from the likes of Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital.
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