LQwD FinTech Corp announced that it has deployed routing nodes in Germany and Singapore.
The Vancouver, British Columbia-based company said that establishing these nodes into these important financial hubs provides a gateway into the European and Asian payments processing frontier.
The German and Singaporean routing nodes, secured by the company-owned Bitcoin, represent the first of numerous international nodes that LQwD plans to deploy in the coming months.
READ: LQwD Fintech CEO says Bitcoin Lightning Network-focused company expects further growth in 2022
Deploying nodes enables the company to collect transaction, routing, and processing fees, as well as secure a strong foothold on the LN network, positioning the company to participate in the significant global adoption now gathering momentum on the network.
Since the launch of the LQwD's first routing node, US-West, in November 2021, the node has experienced week-over-week growth with over 80 nodes now connected, establishing 84 new payment channels, and the company has collected transaction fees from the 5 Bitcoin that has been routed through these channels.
LQwD is confident that establishing international routing nodes into key countries such as Germany and Singapore show capability and proof of concept, paving the way for the company to become a prominent Lightning Network liquidity and global payment processer.
The Lightning Network is layer-two technology that solves the issue of mass scaling Bitcoin for global microtransactions. In addition to enabling millions of transactions per second, the lightning network dramatically reduces the fees currently charged, and serves up instantaneous settlement times.
Some well-known companies such as Lightning Labs, Twitter, and Jack Dorsey's Block (Cash App), have openly expressed their enthusiasm to incorporate the Lightning Network into their platforms.
Contact Ritika at ritika@proactiveinvestors.com