- LQwD is the first publicly traded Lightning Network company
- In November 2021, LQwD launched its proprietary SaaS lqwd.tech, a Lightning Network software platform to lower transaction fees, more efficient liquidity, and seamless use of the global payments’ infrastructure
- The platform also helps complete transactions with lower wait times
- Since January 21, 2021, the Lightning Network has seen over 100% growth in multiple areas of development
LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a Bitcoin Lightning Network company focusing on the development of institutional-grade payment infrastructure and solutions, has provided a corporate recap covering major highlights since the acquisition of LQwD took place in June 2021 and the creation of the first publicly traded Lightning Network company (https://ibn.fm/QdSVR).
“I wanted to take a moment to recap what has been an active six months for LQwD since listing in June,” LQwD CEO Shone Anstey stated. “The remarkable growth of the Lightning Network has validated LQwD’s reason to be hyper-focused on Lightning, and I look forward to continuing to expand our business on this rapidly growing global payment network.”
The Lightning Network is a layer two payment technology and solution for the scaling of Bitcoin for microtransaction around the world. Additionally, the network provides users the ability to complete transactions at a rate of millions per second, lowers fees, and offers instant settlement times. Since January 2021, the Lightning Network has seen node growth of 105% for node establishment from 770 to over 15,000, increased Bitcoin capacity from 1,125 BTC to almost 3,000 BTC – up 160% to September 30, 2021, and a 92% increase in the number of payment channels, totaling more than 73,000 up from the initial 38,000.
Here is a look at the accomplishments that LQwD has seen since June 2021:
- June 9, 2021: completed a non-brokered private placement for proceeds of C$5,000,000 (US$3.99 million);
- October 28, 2021: completed an offering of 23,000,000 units for proceeds of C$8,050,000 (US$6.4 million);
- Cumulatively acquired over C$9,000,000 (US$7.19 million) worth of Bitcoin as an operating asset on the Lightning Network, increasing the company’s holdings to around 150 Bitcoin;
- Launched the company’s proprietary software as a service (SaaS) – the multi-pronged Lightning Network software platform (lqwd.tech) allows B2B markets, investors, and others broader access, more efficient liquidity, and seamless use of the global payments’ infrastructure;
- Entered into two strategic service agreements – one with Netcoins, Inc., a leading Canadian crypto trading platform and subsidiary of BIGG Digital Assets Inc., and the other with Breez Development Ltd., an Israeli-based Lightning Network wallet provider;
- Experts in the industry, Joost Jager and Roy Sheinfeld were named as strategic advisors for the company, and Alexandra Moxin was named VP of Product for the company;
- Participated in the Adopting Bitcoin – A Lightning Summit in El Salvador from November 16-18, which brought together industry leaders and experts to discuss the future of money and payments in the Central America region and abroad.
In September 2021, El Salvador was the first country to adopt Bitcoin as its legal tender. The rise of Bitcoin in El Salvador is primarily due to the lack of access to financial institutions. The country adopted a digital wallet app for residents and consumers at this time as well. A supporter of the change, El Salvadoran President Nayib Bukele explained that converting the legal tender will also help the population access the billion dollars in remittances that those living outside of their homeland send back each year.
As Bitcoin continues to grow in in value and popularity, more people, institutions and companies are looking for dedicated services to help them make purchases and transactions using the cryptocurrency. LQwD expects this trend to continue and that the Lightning Network will be a force for change worldwide and become the global monetary exchange of the future.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ibn.fm/LQWDF
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