LQwD FinTech Corp. (TSXV: LQWD, OTC: LQWDF), an emerging technology company developing payment infrastructure for the Bitcoin Lightning Network (LN), is pleased to announce two important milestones: the Company has deployed a new routing node in India, and our ten global routing nodes have now collectively reached over 10,000 transactions forwarded.
India is a tech savvy, densely populated country with rapid digital adoption. It is ranked second in countries seeing the fastest growth in cryptocurrency adoption globally, and has one of the strongest internet markets in the world, with approximately 750 million users.
“We are experiencing excellent transaction growth since launching our first nodes in November 2021,” remarked LQwD CEO, Shone Anstey. “The launch of our Indian routing node is yet another step in securing a strong presence on Bitcoin’s Lightning Network.” Industry experts estimate the country to have more than 20 million crypto investors, with most growth being driven by users under the age of 35.
LQwD’s first node launched in November 2021, with ten now situated around the world, accounting for more than 10,000 transactions forwarded. “The more transactions routed through the Company’s node network the better,” Shone Anstey further commented, “As each transaction represents a routing fee paid to LQwD. This volume is validation that our Lightning Network presence is building momentum and benefiting from Lightning Network’s expotential growth in adoption.”
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About the Lightning Network
The Lightning Network is layer-two technology that solves the issue of mass scaling Bitcoin for global microtransactions. In addition to enabling millions of transactions per second, the Lightning Network dramatically reduces the fees curently charged to users, and serves up instantaneous settlement times.
The Lightning Network continues to experience explosive growth as follows:
- Since April 2021, node growth has increased 227%, from 10,394 to over 34,000 nodes now established.
- Bitcoin capacity increased from 1,060 BTC to 3,398 BTC, up 220% from January 2021 to the present.
- Payment channels are up 126%, rising from 38,000 to more than 86,000 established since January 2021.
Some well-known companies such as Lightning Labs, Twitter, and Jack Dorsey’s Block (Cash App), have openly expressed their enthusiasm to incorporate the Lightning Network into their platforms.
LQwD is a Lightning Network Service Provider (LSP) focused on developing payment infrastructure and solutions accelerating the global mega trend of Bitcoin adoption through the Lightning Network. The Company\’s mission is to develop institutional grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin. LQwD also holds 150 Bitcoin used as an operating asset establishing nodes and payment channels on the Lightning Network.
This news release contains \”forward-looking information\” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.