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Bitcoin Development Company Layer 2 Labs Raises $3M to Bring Drivechains to Network

Layer 2 Labs has raised a $3 million seed round from angel investors to bring drivechains and other innovative technologies to Bitcoin.

Drivechains are a type of sidechain – a secondary blockchain that interacts with a primary blockchain and aims to offer a better user experience (UX). The company’s CEO and founder, Paul Sztorc, a well-known Bitcoin researcher and developer, has been working on drivechains since 2015.

Sztorc outlined the concept of drivechains in Bitcoin improvement proposals (BIPs) 300 and 301. The technology, which will be Layer 2 Labs’ primary focus, allows users to move bitcoin (BTC) back and forth between the main Bitcoin blockchain and multiple drivechains.

(By Frederick Munawa)

Bitcoin Bitcoin $62,562.05
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