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. At peak the network held around a billion dollars in deposits. What it taught me is the difference between usage and demand,” Spadafora said. According to the founder, much of the capital moved elsewhere once the incentives returned to normal. Watching the deposits leave changed how the team assessed product demand and eventually led it to reconsider Corn’s business. The network ceased operations on June 30, 2026, Spadafora said. Corn notified its community in advance and provided an extended withdrawal period before the shutdown. You might also like: UAE retailers begin accepting DDSC stablecoin payments in new pilot Step-by-step guides explained how users could bridge assets out of the network, close protocol positions, and claim locked tokens. Withdrawals remained available through Corn’s self-service bridge until the sequencer went offline. Spadafora said the experience also showed the team that Bitcoin had settled into a role as an asset people saved, while stablecoins had become a tool for transfers, spending and settlement. “Private banks don’t recognize self-custody. Concierge services don’t take stablecoins. So instead of shipping more rails, we built what sits above them: a private members club purpose-built for digital asset holders.” Corn’s new model replaces blockchain infrastructure with a service business built on existing payment and stablecoin systems. Every member receives one assigned concierge who keeps track of their preferences, portfolio, and priorities, according to the company. Polychain’s third investment takes funding to $19M Polychain Capital has invested in Corn for a third time, bringing the company’s total funding to $19 million. Corn declined to break out the amount supplied through the latest investment.