VANCOUVER, BC, Jan. 5, 2022 /CNW/ - LQwD Fintech Corp. (TSXV:
LQWD) (OTC: LQWDF), a Bitcoin Lightning Network focused company
developing institution grade payment infrastructure and solutions,
is pleased to provide the following corporate re-cap, since the
Company completed the acquisition of LQwD Financial Corp. in
June 2021, creating the first
publicly traded Lightning Network company:
- completed a non-brokered private placement for proceeds of
C$5,000,000 on June 9, 2021;
- completed an offering of 23,000,000 units for proceeds of
C$8,050,000 on October 28, 2021;
- cumulatively acquired over C$9
million worth of Bitcoin as an operating asset on Lightning
Network, increasing LQwD's Bitcoin holdings to ~150 Bitcoin;
- launched lqwd.tech, the Company's proprietary
multi-pronged, Lightning Network software platform (SaaS), allowing
B2B markets, investors and others broader access, more efficient
liquidity, and seamless usage of global payments'
infrastructure;
- entered into strategic services agreements with Netcoins Inc.,
a leading Canadian crypto trading platform and subsidiary of BIGG
Digital Assets Inc. and with Israeli-based Breez Development Ltd.,
a leading Lightning Network wallet provider;
- appointed Lightning Network experts Joost Jager and Roy
Sheinfeld as strategic advisors, along with the appointment
of Alexandra Moxin as VP of Product
to the Company; and
- participated in Adopting Bitcoin - A Lightning Summit in
El Salvador that took place from
November 16 to 18, which brought
together key groups of industry experts in the Bitcoin and
Lightning Network community to discuss the future of money and
payments in the Central American republic and abroad.
Shone Anstey, CEO of the Company, commented, "I wanted to take a
moment to re-cap what has been an active six months for LQwD since
listing in June. The remarkable growth of the Lightning Network has
validated LQwD's reason to be hyper-focused on Lightning and I look
forward to continuing to expand our business on this rapidly
growing global payment network."
About the Lightning Network
The Lightning Network is layer-two technology and a
solution to mass scaling the usage of Bitcoin for microtransactions
globally. In addition to having the ability to transact at millions
per second, Lightning Network dramatically improves upon fees, as
well as instant settlement times.
The Lightning Network continues to experience explosive growth
since January 1, 2021 as follows:
- Node growth of 105% from 770 to over 15,000 nodes now
established.
- Bitcoin capacity increased from 1,125 BTC to almost 3,000 BTC
up 160% to September 30, 2021.
- From 38,000 to more than 73,000 payment channels established up
92%.
Some well-known prominent companies such as Jack Dorsey's Lightning Labs, Twitter and Square
have openly expressed their enthusiasm to incorporate Bitcoin
Lightning Network into their platforms.
About LQwD
LQwD is an early mover as a Lightning Network Service Provider
(LSP) focused on developing payment infrastructure and solutions.
LQwD is developing 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 as warranted, acquires Bitcoin as an operating asset
to secure nodes, liquidity 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.