LQwD Fintech Corp. (TSXV: LQWD, OTC: LQWDF), a Bitcoin Lightning Network focused company developing institution grade payment infrastructure and solutions, is pleased to provide the following corporate re-cap, since the Company completed the acquisition of LQwD Financial Corp. in June 2021, creating the first publicly traded Lightning Network company:
- completed a non-brokered private placement for proceeds of C$5,000,000 on June 9, 2021;
- completed an offering of 23,000,000 units for proceeds of C$8,050,000 on October 28, 2021;
- cumulatively acquired over C$9 million worth of Bitcoin as an operating asset on Lightning Network, increasing LQwD’s Bitcoin holdings to ~150 Bitcoin;
- launched lqwd.tech, the Company’s proprietary multi-pronged, Lightning Network software platform (SaaS), allowing B2B markets, investors and others broader access, more efficient liquidity, and seamless usage of global payments’ infrastructure;
- entered into strategic services agreements with Netcoins Inc., a leading Canadian crypto trading platform and subsidiary of BIGG Digital Assets Inc. and with Israeli-based Breez Development Ltd., a leading Lightning Network wallet provider;
- appointed Lightning Network experts Joost Jager and Roy Sheinfeld as strategic advisors, along with the appointment of Alexandra Moxin as VP of Product to the Company; and
- participated in Adopting Bitcoin – A Lightning Summit in El Salvador that took place from November 16 to 18, which brought together key groups of industry experts in the Bitcoin and Lightning Network community to discuss the future of money and payments in the Central American republic and abroad.
Shone Anstey, CEO of the Company, commented, “I wanted to take a moment to re-cap what has been an active six months for LQwD since listing in June. 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.”
About the Lightning Network
The Lightning Network is layer-two technology and a solution to mass scaling the usage of Bitcoin for microtransactions globally. In addition to having the ability to transact at millions per second, Lightning Network dramatically improves upon fees, as well as instant settlement times.
The Lightning Network continues to experience explosive growth since January 1, 2021 as follows:
- Node growth of 105% from 770 to over 15,000 nodes now established.
- Bitcoin capacity increased from 1,125 BTC to almost 3,000 BTC up 160% to September 30, 2021.
- From 38,000 to more than 73,000 payment channels established up 92%.
Some well-known prominent companies such as Lightning Labs, Twitter and Jack Dorsey’s Square have openly expressed their enthusiasm to incorporate Bitcoin Lightning Network into their platforms.
LQwD is an early mover as a Lightning Network Service Provider (LSP) focused on developing payment infrastructure and solutions. LQwD is developing 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 as warranted, acquires Bitcoin as an operating asset to secure nodes, liquidity and payment channels across 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.
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.