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

PANews reported on November 8 that Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, posted on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs', obtained $20 million in financing, and focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks Core and SBTC."

According to the Bitcoin L2 Labs official website, with approximately $20 million in funding, assistance from the Stacks Foundation, and collaboration with various working groups, Bitcoin L2 Labs is building an exclusive base for Stacks core development. Bitcoin L2 Labs will adopt a product-driven approach to enable the ecosystem to launch key features faster and regularly update the progress of core development.