TechFlow reports that Bitcoin development company Layer 2 Labs has secured $3 million in seed funding, though the angel investors involved in this round have not been disclosed. The funds will be used to implement an innovative sidechain solution on the Bitcoin network.
Notably, Paul Sztorc, CEO and founder of Layer 2 Labs, is a well-known Bitcoin researcher and developer who has been working on drivechains since 2015, aiming to enable Bitcoin users to access innovative features and products currently exclusive to altcoin networks. In addition to Sztorc, the founding team of Layer 2 Labs includes Bitcoin Core contributor CryptAxe and Austin Alexander, an eight-year veteran of Kraken.
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