VANCOUVER, BC, June 29,
2022 /CNW/ - 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.
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SOURCE LQwD FinTech Corp.