Corn launches private members club for digital asset holders after Bitcoin L2 pivot

Corn has launched a private members club for digital asset holders after closing its Bitcoin layer-2 network, as a third investment from Polychain Capital has taken its total funding to $19 million. Summary Corn’s former Bitcoin layer 2 ceased operations on June 30 after holding around $1 billion at its peak. Polychain has invested three times, though Corn has not disclosed the size of its latest contribution. Members can deposit USDC and USDT, with card balances settling in USDC on Base. Rain issues and processes the card, which will be available in over 50 countries, including the United States. Corn closed its Bitcoin layer 2 after deposits fell Corn said in a statement shared with crypto.news that its new club combines a stablecoin payment card with a named concierge, private events and travel services for digital asset holders. The launch follows Corn’s decision to retire the Bitcoin layer-2 network on which the company was originally built. Although the network held around $1 billion in deposits at its peak, founder Chris Spadafora said much of the capital had arrived to collect incentives rather than use the network over time. “We built serious infrastructure and it worked. ...