LQwD Announces Launch of Seventeen International Routing Nodes on Lightning Network

Rhea-AI Summary

LQwD Fintech Corp. (TSXV: LQWD) has launched 17 international routing nodes on the Bitcoin Lightning Network, enhancing its position in global micropayments. Since its first node in November 2021, LQwD has routed over 72 BTC and 36,000 transactions. The Lightning Network's capacity has surged 138% year-on-year, with predictions of 700 million users by 2030. LQwD has C$1.275 million in working capital and holds 121 Bitcoin to support its operations.

Positive

• Launched 17 international routing nodes on Lightning Network.
• Routed over 72 BTC and 36,000 transactions since inception.
• Sufficient working capital of C$1.275 million.
• Holds 121 Bitcoin as operational asset.

Negative

• None.

VANCOUVER, BC, June 29, 2022 /PRNewswire/ - LQwD Fintech Corp. (TSXV: LQWD) (OTC: LQWDF), the company focused on building infrastructure on the Bitcoin Lightning Network global micropayment system, announced today that it has now launched 17 international routing nodes on Lightning Network, positioning LQwD to secure future routing fees in a rapidly expanding global payments network.

LQwD's international routing nodes now include Japan, England, Canada, US-West, France, Italy, Indonesia, Bahrain, South Africa, South Korea, Sweden, Singapore, Brazil, Germany, India, Ireland, and Hong Kong.  You can follow LQwD's node transaction volume in real-time here. 

"Since launching our first Lightning Network node in November 2021, LQwD's nodes have already routed over 72 BTC and over 36,000 transactions, which is extremely encouraging in these early stages," remarked Shone Anstey, LQwD Fintech Corp. CEO. "We are making excellent progress establishing LQwD as a serious network participant, and in coming months, we will launch the LQwD business-to-business platform (now in beta), which also allows retail customers to take advantage of the economics and efficiencies of the network."

According to Bitcoin Visuals, Lightning Network continues to experience upward trends with total network capacity increasing 138% since this time last year. The Company expects this trend to continue, as larger enterprises and exchanges such as Kraken, Robinhood, Twitter, and Block (Cash App) all have integrated Lightning Network capabilities. Some research firms, such as Arcane Research, predict that there could be as many as 700 million Lightning Network users by 2030.

Corporate & Financial

LQwD currently has sufficient working capital to continue to maintain operations for the foreseeable future. As of June 29, 2022, LQwD has working capital of approximately C$1.275 million in cash and cash equivalents with general and administrative expenses, including current development expenses, running approximately C$100,000 per month. LQwD also holds 121 Bitcoin on the balance sheet of which, a portion is used to secure routing nodes and establish node liquidity.

About LQwD Fintech Corp.

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, utility and scaling Bitcoin. LQwD also holds Bitcoin that is used as an operating asset establishing nodes and payment channels on the Lightning Network.

Forward-Looking Statements 

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.

View original content:https://www.prnewswire.com/news-releases/lqwd-announces-launch-of-seventeen-international-routing-nodes-on-lightning-network-301578269.html

SOURCE LQwD FinTech Corp.

FAQ

What recent achievement did LQwD Fintech Corp. announce on June 29, 2022?

LQwD Fintech Corp. announced the launch of 17 international routing nodes on the Bitcoin Lightning Network.

How much Bitcoin has LQwD routed through its Lightning Network nodes?

LQwD has routed over 72 BTC through its Lightning Network nodes.

What is the current working capital of LQwD Fintech Corp. as of June 29, 2022?

As of June 29, 2022, LQwD has working capital of approximately C$1.275 million.

What is the significance of the Lightning Network for LQwD Fintech Corp.?

The Lightning Network allows LQwD to secure routing fees in an expanding global payments ecosystem.

What are the future expectations for the Lightning Network according to LQwD Fintech?

LQwD expects the upward trend of the Lightning Network's capacity to continue, with potential predictions of 700 million users by 2030.