VANCOUVER, BC, Nov. 10, 2021 /CNW/ - LQwD Fintech Corp. (TSXV:
LQWD) (OTC: LQWDF), a Bitcoin Lightning Network focused company
developing institution grade payment infrastructure and solutions,
announces that it has entered into an agreement with Israeli-based
Breez Development Ltd. ("Breez"), a leading Lightning Network
service provider.
Under the agreement, LQwD intends to offer Lightning Network
liquidity services to Breez clients and provide on-demand Lightning
Network channels whenever required. In addition, LQwD will run one
or more Breez-modified Lightning Network routing nodes. Upon LQwD
completing its services, Breez will add LQwD as a liquidity partner
within Breez's service.
"We are excited to work with Breez and become a liquidity
partner within the Breez App. This development is another step
forward for LQwD's mandate of positioning the Company as the most
prominent institutional grade Lightning Network service provider."
Commented Shone Anstey, CEO of LQwD Fintech Corp. "In addition, we
will continue to acquire Bitcoin as an operating and strategic
asset enabling the Company to establish nodes and payment channels
on the rapidly growing Lightning Network as well as benefit from
potential capital appreciation."
The Breez mobile app is a Lightning Network interface where
users can buy, sell, and pay for goods, services, and streaming
content with a non-custodial, seamless, and open platform. It is an
intuitive point-of-sale app for merchants that applies the most
sophisticated technology in the Bitcoin and Lightning Network
spaces as it combines a full-service LSP, an intuitive
point-of-sale app for merchants, and a seamless, non-custodial
end-user app.
The Company has also increased its Bitcoin holdings by acquiring
a further number of Bitcoins since its previous release. To date,
the Company has spent a total of C$8.3
million to purchase approximately 139 Bitcoins, which it now
holds, at an average cost of approximately C$60,000 (US$48,000) per Bitcoin.
About the Lightning Network
The Lightning Network is a solution to mass scaling
the usage of Bitcoin for microtransactions globally, dramatically
improving upon fees, as well as instant settlement times. The
Lightning Network is experiencing explosive growth since
January 1, 2021, with node growth
doubling and Bitcoin capacity increasing 181% to September 30, 2021. Some well-known
prominent companies such as Jack
Dorsey's Twitter and Square have expressed their enthusiasm
to incorporate Bitcoin Lightning Network into their platforms.
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 and acquires 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 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.