Bitcoin-Backed LQWD Technologies Announces that Its Lightning Network Infrastructure Surpasses One Million Global Transactions
November 20, 2024 8:00 AM EST | Source: LQWD Technologies Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - LQWD Technologies Corp. (TSXV: LQWD) (OTCQB: LQWDF) ("LQWD" or the "Company"), a leading provider of transaction infrastructure for the Bitcoin Lightning Network announces that the Company has routed one million transactions through its network, routing approximately 857 Bitcoin with a value of CDN$50 million (US$37 million).
Since deploying LQWD's Bitcoin Lightning Network strategy in November 2021, the Company's transaction infrastructure continues to experience strong growth with exponential growth in 2024. From January 1, 2024, to October 31, 2024 LQWD facilitated approximately 643,000 transactions, compared to approximately 112,900 transactions for the same period in 2023. View LQWD's transaction statistics.
Shone Anstey, CEO of LQWD Technologies, commented, "Reaching one million transactions, with the majority occurring in 2024, highlights the exceptional work of our technical team, led by our CTO, Aziz Pulatov. We remain committed to expanding our services on the Lightning Network and supporting the global Bitcoin transaction ecosystem."
LQWD's revenue-generating model deploys Company owned Bitcoin on its network to earn fees, which are paid in Bitcoin, specifically in Satoshis (Sats) that are the smallest unit of Bitcoin (100 million Sats = 1 Bitcoin). Currently, the fees are nominal on a per transaction basis. However, there is potential for increase in future fees predicated on further adoption of the Lightning Network and LQWD's network continuing to scale.
LQWD has more than 1,200 connected channels, with channel growth continuing across the Company's globally connected network. The Company's primary node, LQWD-Canada, is ranked as the sixth-largest node worldwide.
About LQWD Technologies Corp.
LQWD Technologies Corp. is a Canadian-based, publicly traded company committed to expanding its Bitcoin Lightning Network transaction infrastructure and liquidity-on-demand services. Our infrastructure enables instant, low-cost, global internet-powered payments at scale. LQWD provides scalable solutions for the open payments market, delivering enterprise-grade infrastructure to support the rapid growth of the Lightning Network. LQWD is debt free, holding 141 Bitcoin with an ongoing Bitcoin accumulation strategy.
For more details, please refer to LQWD's corporate presentation and stay updated on our Lightning Network node growth or connect to the Company's nodes in real time.
Forward-Looking Statements
This 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.
This release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230664
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