Stacks Joint Venture: Established a new entity, Bitcoin L2 Labs, and received US$20 million in financing "
On November 8, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, posted on the X platform: "We have established a new Stacks entity,'Bitcoin L2 Labs', which received US$20 million in financing to focus on core development. Adriano DiLuzio (a former member of Algorand Labs) will serve as chief technology officer and lead the development of Stacks Core and SBTC." According to Bitcoin L2 Labs official website, with approximately US$20 million in financial support, assistance from the Stacks Foundation, and collaborative cooperation 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 that allows the ecosystem to roll out key features faster and regularly updates core development progress.
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