LQwD Fintech Corp said it has entered into an agreement with Israeli-based Breez Development Ltd, a leading Lightning Network service provider and also announced that it has increased its Bitcoin holdings.
Under the agreement, LQwD said it intends to offer Lightning Network (blockchain) liquidity services to Breez clients and provide on-demand Lightning Network channels whenever required.
In addition, LQwD will run one or more Breez-modified Lightning Network routing nodes and upon LQwD completing its services, Breez will add LQwD as a liquidity partner within Breez's service.
READ: LQwD FinTech adds to its Bitcoin holdings to the tune of C$4.5M
"We are excited to work with Breez and become a liquidity partner within the Breez App. This development is another step forward for LQwD's mandate of positioning the Company as the most prominent institutional-grade Lightning Network service provider," said LQwD CEO Shone Anstey in a statement.
"In addition, we will continue to acquire Bitcoin as an operating and strategic asset enabling the Company to establish nodes and payment channels on the rapidly growing Lightning Network as well as benefit from potential capital appreciation," he added.
The Breez mobile app is a Lightning Network interface where users can buy, sell, and pay for goods, services, and streaming content with a non-custodial, seamless, and open platform. It is an intuitive point-of-sale app for merchants that applies the most sophisticated technology in the Bitcoin and Lightning Network spaces as it combines a full-service LSP, an intuitive point-of-sale app for merchants, and a seamless, non-custodial end-user app.
LQwD also announced that it has increased its Bitcoin holdings. To date, the company has spent a total of C$8.3 million to purchase about 139 Bitcoins at an average cost of C$60,000 (US$48,000) per token.
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