VANCOUVER, BC, Nov. 1, 2021 /CNW/ - LQwD FinTech Corp.
("LQwD" or the "Company") (TSXV: LQWD) (OTC: INLAF) announces that
it has it has purchased an additional C$4.5
million worth of Bitcoin since closing its previously
announced financing. To date, the Company has spent a total of
C$7.8 million to purchase
approximately 133 Bitcoins, which it now holds, at an average cost
of approximately C$59,000
(US$47,500) per Bitcoin.
This purchase signifies the further strengthening of LQwD's
strategic growth initiative to accumulate Bitcoin as a reserve
asset, but more importantly as an operating asset, which underpins
the Company's Lightning Network SaaS platform that is under
development.
"Closing the $8 million financing
has allowed us to acquire further Bitcoin, which is an important
step for the Company to progress its short-term business goals to
launch our Platform as a Service commercially, then focus on
on-boarding clients and providing them with strong connectivity to
the Lightning Network. This plays into our long-term objective of
having a significant number of Lightning Network payment channels
with Bitcoin staked on them (a requirement of the network) that are
active across the Lightning Network and allow us to forward and
route transactions as a major network participant, and earn fees
for doing so," says Chairman and CEO Shone Anstey.
About LQwD
LQwD is a Lightning Network Service Provider (LSP) focused
company developing payment infrastructure and solutions. 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 Bitcoin as an operating asset establishing
nodes and payment channels across the Lightning Network.
Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities laws. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding the use of proceeds of the Offering) are
forward-looking statements. Forward-looking statements are
generally identifiable by use of the words "may", "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"intend", "plan" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are disclosed in the Company's public
disclosure record on file with the relevant securities regulatory
authorities, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Although the Company believes, in light
of 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.