LQwD FinTech Corp. (TSXV: LQWD, OTC: LQWDF), an emerging technology company developing payment infrastructure for the Bitcoin Lightning Network (LN), announces deployment of routing nodes in Germany and Singapore.
Establishing these nodes into these important financial hubs provides a gateway into the European and Asian payments processing frontier.
The German and Singaporean routing nodes, secured by the Company-owned Bitcoin, represent the first of numerous international nodes that the Company plans to deploy in coming months.
Deploying nodes enables LQwD to collect transaction, routing and processing fees, as well as secure a strong foothold on the LN network, positioning the Company to participate in the significant global adoption now gathering momentum on the network.
Since the launch of the LQwD’s first routing node, US-West, in November 2021, the node has experienced week-over-week growth with over 80 nodes now connected, establishing 84 new payment channels, and the Company has collected transaction fees from the 5 Bitcoin that has been routed through these channels. To follow LQwD’s node and channel growth visit http://www.1ml.com.
LQwD is confident that establishing international routing nodes into key countries such as Germany and Singapore show capability and proof of concept, paving the way for LQwD to become a prominent Lightning Network liquidity and global payment processer.
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, 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 and acquires Bitcoin as an operating asset establishing nodes and payment channels on the Lightning Network.
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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.
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