VANCOUVER, BC, Nov. 24, 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 participated in the recent Adopting Bitcoin – A Lightning Summit in El Salvador. The conference, which took place from November 16 to 18, brought together a renowned group 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.
LQwD also announces that it continues to increase its Bitcoin holdings. To date, the Company has spent a total of C$9.2 million to purchase 150 Bitcoins at an average cost of approximately C$61,000 (US$48,000) per Bitcoin.
The purchase further strengthens LQwD's strategic growth initiative to accumulate Bitcoin as a reserve asset and as an operating asset, which underpins the Company's proprietary multi-pronged, Lightning Network software platform (SaaS), lqwd.tech.
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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