Stacks Co-Founder Launches Bitcoin L2 Labs with $20 Million Funding to Enhance Stacks Development

Stacks Co-founder Muneeb Ali revealed on November 8th via social media that a new venture named Bitcoin L2 Labs has been launched. This initiative has successfully raised $20 million in funding, which will be strategically allocated towards the essential development of the Stacks ecosystem. The newly formed entity aims to enhance layer two solutions for Bitcoin, thereby enabling greater scalability for decentralized applications.

Adriano DiLuzio, who previously held a prominent position at Algorand Labs, has been appointed as the Chief Technology Officer of Bitcoin L2 Labs. His extensive background in blockchain technology will play a pivotal role in spearheading the core development efforts of Stacks and the innovative SBTC protocol. This move signifies a substantial commitment to advancing the capabilities of Bitcoin while reinforcing the foundational elements of Stacks.