LQwD Fintech Corp has made good progress on its Lightning Network Bitcoin scaling solution over the past few months, CEO Shone Anstey told shareholders in a new corporate update.
The Canadian technology firm recently completed the acquisition of LQwD Financial Corp to kick start a strategic growth initiative to accumulate Bitcoin as a reserve and operating asset.
"We are very pleased with the progress that our team has made since completing the transaction in June. Using our highly skilled in-house team, we are continuing to develop a Lightning Network SaaS platform that enables the set-up of payment channels as a service,” Anstey said in the statement.
READ: LQwD Fintech announces appointment of Lightning Network experts Joost Jager and Roy Sheinfeld as advisors to the company
“LQwD's Lightning Network SaaS platform is at an advanced level of development, with beta testing having commenced in the second half of 2021. We look forward (to) continuing along this growth trajectory and maximizing shareholder value in the process," he added.
LQwD calls Lightning Network a solution to mass scaling the use of Bitcoin for microtransactions globally. The network dramatically improves fees, as well as instant settlement times.
LQwD told shareholders that the Lightning Network has seen “explosive” growth over the past few months, with node growth doubling and Lightning Network BTC capacity increasing nearly 52%.
Since June, the company has established LSP services, payment channels and watchtowers, and launched beta testing of the platform.
Vancouver-based LQwD is a financial technology company that develops and provides payment network infrastructure and solutions on top of the Lightning Network, a scalable Layer 2 solution built on top of the Bitcoin blockchain.
The company is aiming to develop institutional-grade solutions that harness the Lightning Network and drive improved accessibility, functionality, transaction capability – further driving user adoption and utility and scale of Bitcoin.
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