LQwD FinTech Launches Indonesian Lightning Network Routing Node

Rhea-AI Summary

LQwD FinTech Corp. has launched a new Lightning Network routing node in Jakarta, Indonesia, tapping into a market with over 260 million people and more than $50 billion in crypto assets traded. This move follows the Indonesian government’s acceptance of trading over 200 cryptocurrencies, enhancing the potential for the Lightning Network as a preferred platform for micro-transactions. The company has interconnected 127 nodes with over 130 transaction channels, routing approximately 10 Bitcoin since late November 2021.

Positive

• Strategic entry into the Indonesian market, which has high crypto asset trading volume.
• Launch of routing node is expected to enhance Lightning Network's presence and usability.
• Growing infrastructure with 127 interconnected nodes and over 130 transaction channels.
• Reported routing of approximately 10 Bitcoin through LQwD's channels since launch.

Negative

• None.

VANCOUVER, BC, Feb. 24, 2022 /PRNewswire/ - LQwD FinTech Corp. (TSXV: LQWD, OTC: LQWDF), an emerging technology company developing payment infrastructure for the Bitcoin Lightning Network (LN), announces strategic deployment of a routing node in Jakarta, Indonesia.

"With a population of more than 260 million and over $50 billion crypto assets reportedly traded, Indonesia is one of the world's most valuable, untapped, emerging markets, with all the right dynamics for Lightning Network to excel," said LQwD CEO Shone Anstey. "Recently, the Indonesia Commodity Futures Trading Supervisor Agency (CoFTRA) announced acceptance to trade in over 200 cryptocurrencies, which will help pave the way for Lightning Network to become one of Indonesia's preferred platforms for micro-payments and other transactions." 

Including LQwD's recent node launch in Singapore and Germany, 127 nodes have interconnected with more than 130 transaction channels, routing approximately 10 Bitcoin through LQwD's connected channels since launching our first Lightning Network node in late November 2021.

To follow LQwD's node and channel growth, visit http://www.1ml.com.

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 currently 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.

About LQwD

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.

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-fintech-launches-indonesian-lightning-network-routing-node-301489646.html

SOURCE LQwD FinTech Corp.

FAQ

What recent action did LQWDF take in Indonesia?

LQWDF launched a new Lightning Network routing node in Jakarta, Indonesia, expanding its infrastructure in a high-potential market.

How many Bitcoin has LQWDF routed since its first node launch?

LQWDF has routed approximately 10 Bitcoin through its connected channels since launching its first Lightning Network node in late November 2021.

What is the significance of Indonesia for LQWDF's Lightning Network?

Indonesia's large population and substantial crypto trading volume make it a key market for the potential expansion of LQWDF's Lightning Network operations.

How many nodes are interconnected with LQWDF's network?

LQWDF has interconnected 127 nodes with over 130 transaction channels.

What has the Indonesian government announced regarding cryptocurrency?

The Indonesian government has accepted the trading of over 200 cryptocurrencies, bolstering the potential for Lightning Network adoption.