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.
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.
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.
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