Corn Ditches Blockchain for Private Club for Crypto Investors

Corn has pivoted its business model to launch a private members club for digital asset holders. The move comes after the company closed its Bitcoin layer-2 network, which held around $1 billion at its peak but struggled with low usage.

The new club combines a stablecoin payment card with concierge services, private events, and travel experiences for members. Members can deposit USDC or USDT and receive a Visa card with variable spending limits based on their digital asset holdings.

Corn's founder, Chris Spadafora, said the experience of building and closing the Bitcoin layer-2 network taught him that 'the difference between usage and demand' is crucial. He added that private banks don't recognize self-custody, while concierge services often don't accept stablecoins.

The club's concierges will keep track of members' preferences, portfolios, and priorities. Rain, a regulated card platform, issues and processes the cards, which will be available in over 50 countries, including the United States.