Corn Platform Raises $8.3 Million in Community Round Sale

Corn, a Bitcoin (BTC) based Ethereum (ETH) Layer 2 platform, announced on the 23rd (local time) that it has raised $8.3 million (approximately 12 billion KRW) through its first community round sale conducted on the Web3 funding platform Legion.

The community sale, which began on the 9th, saw participation from about 4,287 prospective investors, with the total requested allocation reaching nearly $698.11 million. However, investment opportunities were granted only to a limited number of individuals through team screening.

Corn is the first platform developed in collaboration with Babylon on the Bitcoin network, supporting BTCFi based on Arbitrum. This funding round provided investment opportunities not only to major investors but also to general users.

Major investors participating in the round include Polychain, Tribe Capital, Amber, Laser Digital, GSR, Presto Labs, Hypersphere Ventures, Babylon Labs, and Offchain Labs.

Chris Spadafora, co-founder of Corn, stated, "Through Legion's reputation-based system, we were able to achieve the targeted token distribution while avoiding the inefficiencies of airdrops and liquidity mining," adding, "We selected 675 new investors based on the on-chain and social activities of participants in the Babylon, Arbitrum, Kaito, and Corn ecosystems."

Matt O'Connor, co-founder of Legion, said, "This Corn community sale demonstrated the inclusion of community members under the same conditions as major investors. It completely changed the traditional funding methods to make projects realize that the initial community is the most important asset."

Hankyung.com Newsroom open@hankyung.com