LQwD Fintech Corp. (TSXV: LQWD) (OTC: LQWDF), an emerging technology company developing payment infrastructure for the Bitcoin Lightning Network (LN), is pleased to announce the strategic deployment of additional European routing nodes.
The Company’s European routing nodes now include Italy, Ireland, Sweden, France, England and Germany. Together with LQwD’s recently announced nodes launched in Singapore and Indoneasia, the Company has established an LN presence in key countries where the Network is experiencing rapid growth. Europe now contains approximately 43 percent of all Lightning Network nodes, second only to North America.
“LQwD’s launch of these additional nodes firmly positions us to increase our overall value on the network,” explains LQwD FinTech CEO Shone Anstey. “Being a leading Lightning Network infrastructure and transaction facilitator has a lot of value: First, Lightning Network’s early-movers (like us) are best positioned to strategically expand our position on the network. Second, the more nodes LQwD establishes worldwide, the more transactions can be routed through our node network. And each transaction represents a routing fee.”
Since launching LQwD’s first Lightning Network node in late November 2021, 157 nodes have now interconnected with more than 158 transaction channels, routing over 10 Bitcoin through LQwD’s connected channels.
Arcane Research’s October 2021 State of Lightning Report estimates that by 2030, the Lightning Network could see more than 700 million users leading to as many as 364 trillion transactions per year.
Track LQwD’s node and channel growth in real time via: http://www.1ml.com.
Other Matters
The Company also announces that it has changed auditors from De Visser Gray LLP (“De Visser Gray”) to Kingston Ross Pasnak LLP (“KRP”), effective March 10, 2022. At the request of the Company, De Visser Gray has resigned as of the effective date of March 10, 2022. KRP has been appointed as the successor auditor. In accordance with National Instrument 51–102 – Continuous Disclosure Obligations (“NI 51–102”), the Company has filed a Notice of Change of Auditor on SEDAR together with letters from both De Visser Gray and KRP, with each letter confirming agreement with the statements contained in the notice, as applicable. There were no reportable events (as defined in NI 51–102) between De Visser Gray and the Company.
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 to users, 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.
SOURCE LQwD FinTech Corp.
