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

On November 8th, it was announced by Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks, on X platform that "we have established a new Stacks entity 'Bitcoin L2 Labs', which has raised $20 million in funding and focuses on core development. Adriano DiLuzio (formerly of Algorand Labs) will serve as Chief Technology Officer and lead the development of Stacks core and SBTC."

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