VANCOUVER, BC, March 14,
2022 /CNW/ - 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.
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SOURCE LQwD FinTech Corp.