LQwD FinTech Corp announced it has purchased another C$4.5 million in Bitcoin since closing a previously announced financing.
The infrastructure solutions provider has spent a total of C$7.8 million to purchase 133 Bitcoins at an average cost of around C$59,000 (US$45,000) per coin.
"Closing the $8 million financing has allowed us to acquire further Bitcoin, which is an important step for the company to progress its short-term business goals to launch our Platform as a Service commercially, then focus on on-boarding clients and providing them with strong connectivity to the Lightning Network,” CEO Shone Anstey said in a statement.
Vancouver-based LQwD said the purchase indicates its plan to accumulate Bitcoin as not only a reserve asset, but also an operating asset that reinforces LQwD’s Lightning Network SaaS platform that is under development.
“This plays into our long-term objective of having a significant number of Lightning Network payment channels with Bitcoin staked on them (a requirement of the network) that are active across the Lightning Network and allow us to forward and route transactions as a major network participant, and earn fees for doing so,” added Anstey.
LQwD is a Lightning Network Service Provider (LSP)-focused company developing payment infrastructure and solutions. Its aim is to develop institutional-grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility, and scaling Bitcoin.
Contact Angela at angela@proactiveinvestors.com
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