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Bitcoin Layer 2 Stacks Expands in Asia with New Foundation
Published: 2024-09-12 09:32:33
Asia Regional Ecosystem Expansion Goal
The Stacks Foundation has announced the establishment of the Stacks Asia Foundation, a new organization dedicated to expanding the ecosystem in the Asian region.
Stacks is a layer 2 (L2) project that enables the development of smart contracts on the Bitcoin network. The Stacks Asia Foundation will receive initial funding of $15 million (approximately 20.1 billion won) from individual Stacks (STX) holders and strategic advisors. As an independent organization, it will operate separately from the Stacks Foundation, but the two foundations have agreed to cooperate in areas where they can complement each other.
Kyle Ellicott, who founded the Stacks Accelerator and Ecosystem Fund as a Partner and Managing Director at the Stacks Foundation, will lead the Asia Foundation on an interim basis. He brings over 15 years of experience in startups and venture capital. Geumsan Jeong, Co-CEO of Dispread, Melody Huh, Co-Founder and Partner at Spartan Group, and Michelle Cuevas, Executive Director of the Stacks Foundation, have also joined the Stacks Asia Foundation as advisors.
The Stacks Asia Foundation plans to promote investor education, support local developers and major Stacks-based projects, and strengthen liquidity in the Stacks ecosystem through partnerships in regions including Korea, Japan, Hong Kong, Singapore, Southeast Asia, and the United Arab Emirates (UAE).
“The launch of the Asia Foundation will open a new chapter for Bitcoin and Stacks in the Asia region, which has played a fundamental role in the Bitcoin ecosystem,” said Kyle Ellicott, Interim CEO of Stacks Asia Foundation. “We look forward to leading the future of Bitcoin DeFi together with local developers, partners, and the community.”
“We hope that the establishment of this foundation will enable Stacks and the Bitcoin community to interact more closely with the Asian region and achieve cultural and technological achievements,” said Jeong Geum-san, Co-CEO of Dispread.