- The Lightning Network has seen growth of more than 300% since mid-2021, despite the recent decline of Bitcoin
- LQwD’s nodes on the Lightning Network include global coverage in Canada, South Korea, Brazil, Hong Kong, South Africa, Bahrain, Japan, the US, Ireland, India, Germany, Singapore, Sweden, Indonesia, Italy, France, and England
- The global cryptocurrency market was valued at US $1.49 billion in 2020, and is projected to reach US $4.94 billion by 2030
The Bitcoin Lightning Network (“LN”) has experienced explosive growth recently, despite the volatility of the cryptocurrency. Recent reports have indicated that Bitcoin has experienced negative growth – by more than 30% since the beginning of the year (https://nnw.fm/S844a). The opposite is true about the layer 2 payment protocol on the Bitcoin blockchain, with more than 3,900 BTC on the network. The LN has experienced growth of more than 300% since mid-2021. Because Bitcoin blockchain transactions are notoriously slow and expensive, the Lightning Network changes the dynamic, offering an almost instantaneous settlement of transactions and almost non-existent fees (https://nnw.fm/pm2ri).
LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a fintech company focused on creating enterprise-grade infrastructure to drive bitcoin adoption, is working toward its goals by adding more nodes on the Lightning Network. Since the last publication, the company has increased its total number of nodes on the Network to 17. The company recently added new nodes in Canada, South Korea, Brazil, Hong Kong, South Africa, Bahrain, and Japan. These new nodes join the previously launched nodes in the US, Ireland, India, Germany, Singapore, Sweden, Indonesia, Italy, France, and England. To follow LQwD’s nodes on the Lightning Network, visit https://1ml.com/.
LQwD launched its first node and proprietary platform as a service (“PaaS”) offering in November 2021, offering faster transaction times and lower fees for transactions. The PaaS (https://lqwd.tech/) is a Lightning Network infrastructure for global scale that can be used , and users can access it anywhere in the world. The LQwD platform comes with a fully functional dashboard for users to initiate and receive payments, send invoices, track transactions, and more. The first node on the Lightning Network, US-West, has experienced exceptional growth, now boasting a channel count of over 100 and a capacity of 5.412619930 BTC. The company has invested its own Bitcoin in the Lightning Network for the creation of nodes around the world – scaling its network for global impact.
The reputation of Bitcoin is slowly changing thanks to the Lightning Network, shifting it from an exclusive store of value into a medium of exchange. More businesses are beginning to take cryptocurrency forms of payment, and it has even been referred to by Jack Dorsey as the “native currency of the internet.” The Lightning Network is unlocking the potential and next stage of growth for Bitcoin by allowing for day-to-day transactions instead of using it as a store of value on the internet. Dorsey has also integrated the Lightning Network into the CashApp payment app. In a fireside chat with Michael Saylor, CEO of MicroStrategy, Dorsey discussed how Square was the first to truly address Bitcoin with the Securities and Exchange Commission (“SEC”), saying, “It challenged absolutely everything, security protocols, legal aspects, compliance, engineering, product” (https://nnw.fm/cOh3L).
The global cryptocurrency market was valued at US $1.49 billion in 2020, but it is projected to reach US $4.94 billion by 2030, growing at a CAGR of 12.8% over the forecast period. The increased need for operational efficiency and transparency in the financial payment systems is a key driver of the market’s growth. In addition to this, the need for remittances in developing countries also contributes to the growth of the market (https://nnw.fm/t5jSZ).
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://nnw.fm/LQWDF
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