- The Lightning Network continues to grow despite the current situation within the Bitcoin market – registering a high capacity of 3,915.34 BTC
- LQwD has released two more nodes on the Lightning Network, creating a network reach that includes Canada, South Korea, US, Ireland, India, Germany, Singapore, Sweden, Indonesia, Italy, France, and England
- The company has appointed Peter Loretto to the board to replace Dean Sutton
- LQwD is a part of Visa’s Fintech Fast Track program, leveraging Visa’s services for global reach and capabilities
Despite the recent struggles of the cryptocurrency market, the Lightning Network has continued to make advances, hitting a capacity high of 3,915.34 BTC, even though the Bitcoin sector has declined to lows below US $32,000. One company making strides on the Lightning Network is LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a financial technology company focused on creating enterprise-grade infrastructure to drive bitcoin adoption. The company released its platform as a service (“PaaS”) offering for the Lightning Network in November 2021 – https://lqwd.tech.
LQwD recently released two more nodes on the Lightning Network in Canada and South Korea. In addition to the newest nodes, the company also has active nodes in the U.S., Ireland, India, Germany, Singapore, Sweden, Indonesia, Italy, France, and England. The company has used its own Bitcoin reserve to activate these nodes, and its capacity has grown steadily over the last few months.
Additionally, LQwD announced that it has appointed Peter Loretto as an independent director, replacing Dean Sutton, who will remain in an advisory role within the company. Loretto holds an MBA from Gonzaga University in Spokane, Washington. He has over 35 years of extensive international investment banking, corporate finance, and venture and senior board experience. The LQwD board now consists of Shone Anstey, Ashley Garnot, Pino Perone, Kim Evans, and Peter Loretto (https://nnw.fm/HU8iq).
LQwD is also working with the Visa Fintech Fast Track program. In its work with Visa, LQwD will be able to accelerate the process of bringing Bitcoin to the masses.
According to Shone Anstey, CEO of LQwD, this direct relationship with Visa now gives the company the advantage of accessing their growing partner network, as well as experts in the payments space. “It’s a big benefit,” he said (https://nnw.fm/gBjVz).
The Lightning Network is a layer 2 technology that solves the mass scaling problems faced by Bitcoin for global microtransactions. Users of the Lightning Network experience a reduction in fees and almost instantaneous settlement rates, which blockchain is incapable of providing on its own. As more participants send payments across the network, the larger the capacity becomes. LQwD’s technology allows for smooth transactions across the network. The Network has seen explosive growth over the past year, despite ups and downs of the overall cryptocurrency market.
The cryptocurrency sector was valued at US $1.6 billion in 2021 and is expected to grow to US $2.2 billion by 2026, reporting a CAGR of 7.1% over the forecast period. Key factors driving the expansion of the market are transparency, the growth of distributed ledger technology, and growth in venture capital investments (https://nnw.fm/wBlWj).
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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