December 6, 2023

Layer 2 Labs is launching with the goal of scaling and building out drivechains for the Bitcoin Network. The company has closed a seed round at launch, raising $3 million in funding.

Layer 2 Labs co-founder and CEO Paul Sztorc said in a statement sent to Bitcoin Magazine that the firm seeks to “make everyone in the world a Bitcoin user.” Sztorc is the author of two Bitcoin improvement proposals (BIPs), BIP 300 and BIP 301, which detail the technical specifications of drivechains. Naturally, drivechains are at the forefront of Layer 2 Labs’ mission.

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