TechFlow reported on November 8 that Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks, announced the establishment of a new entity, Bitcoin L2 Labs, backed with $20 million in funding dedicated to core technology development. Adriano DiLuzio, former member of Algorand Labs, will serve as Chief Technology Officer, leading development efforts for Stacks Core and SBTC.
According to the official website of Bitcoin L2 Labs, in addition to the $20 million funding, the entity will also receive support from the Stacks Foundation and collaborate with various working groups. Bitcoin L2 Labs plans to adopt a product-driven approach to accelerate the rollout of key ecosystem features and provide regular updates on core development progress.
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