Stacks Joint Creation: Establishes new entity Bitcoin L2 Labs and secures 20 million dollars in financing

On November 8, Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks, posted on platform X saying: "We have established a new Stacks entity 'Bitcoin L2 Labs', which has received $20 million in funding and is focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as Chief Technology Officer and lead the development work for Stacks Core and SBTC." According to the official website of Bitcoin L2 Labs, with approximately $20 million in financial support, 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 faster rollout of key features in the ecosystem and regularly update progress on core developments.