Stacks Co-Founder: A new entity Bitcoin L2 Labs has been established, which has secured $20 million in funding and focuses on core development

PANews November 8 news, Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks, stated on the X platform: 'We have established a new Stacks entity called 'Bitcoin L2 Labs', which has secured $20 million in funding, focusing on core development. Adriano DiLuzio (formerly of Algorand Labs) will serve as the Chief Technology Officer and lead the development of Stacks core and SBTC.'

According to the official website of Bitcoin L2 Labs, with approximately $20 million in funding support, assistance from the Stacks Foundation, and collaborative efforts with various working groups, Bitcoin L2 Labs is building a dedicated base for Stacks core development. Bitcoin L2 Labs will adopt a product-driven approach to enable the ecosystem to roll out key features more quickly and regularly update the progress of core development.