Corn moves from Bitcoin layer 2 to private club
The company has opened a private members club for digital asset holders after retiring the Bitcoin layer-2 network it was built on. Corn shut the network on June 30, 2026. At its peak, it held around $1 billion in deposits, according to founder Chris Spadafora. He said much of that money came for incentives, not long-term use. Once rewards normalized, deposits left. That made the team rethink demand. Corn gave users an extended withdrawal period and guides for bridging assets out, closing positions, and claiming locked tokens.
Polychain invests a third time
Polychain Capital has backed Corn again, its third investment. The new check brings total funding to $19 million. Corn declined to say how much came from this round. Spadafora said the team told Polychain that the original thesis had not found product-market fit. It then shared findings on how crypto holders store and spend money, plus a plan for a membership club tied to a stablecoin card. Polychain co-chief investment officer Luke Pearson said the firm is deepening support because Corn’s approach stands out. Spadafora said the money will go toward the concierge operation, card rollout, and member experience. He described the plan as depth, not reach.
How the card and membership work
Approved members get a Visa card with variable spending limits based on the digital assets they hold. Corn says the assets are not pledged as collateral. Spending settles against the member’s stablecoin balance. Members can deposit USDC and USDT from major networks. Balances settle in USDC on Base. Corn says members place stablecoins in an embedded wallet controlled by the user, not a pooled company account. The balance stays in the wallet until a purchase happens. Rain, a regulated card platform, issues and processes the cards. Members must complete know-your-customer checks through a regulated identity provider. Corn says identity documents do not touch its servers. Withdrawals need authorization from the member and a co-signature from the card platform. The card will be available in more than 50 countries, including the United States, with more rollouts through the fall.
Perks and market demand
The club pairs the card with a named concierge, private events, and travel services. Members can request dinners and events in cities where they live or travel. Two quarterly programs are planned. Impossible Moments will offer private openings and limited seats. Corn Curated will have a guest tastemaker pick restaurants, hotels, and travel experiences for three months. Applications go through Corn’s website, but each request is reviewed. Holdings form part of the assessment, though there is no published asset threshold. Stablecoin-linked card spending has climbed. Tracked spending reached $759 million in July, up from $306 million a year earlier. USDC made up 58% of tracked volume and USDT 26%. In the US, payment stablecoin issuers now operate under rules created by the GENIUS Act. Visa said in June 2026 that its stablecoin settlement run rate had reached about $7 billion as of March.
