LQwD FinTech Corp has announced the strategic deployment of a routing node in the Indonesian capital, Jakarta, adding to recent deployments for its Lightning Network technology.
"With a population of more than 260 million and over $50 billion crypto assets reportedly traded, Indonesia is one of the world's most valuable, untapped, emerging markets, with all the right dynamics for Lightning Network to excel," LQwD CEO Shone Anstey said in a statement.
"Recently, the Indonesia Commodity Futures Trading Supervisor Agency (CoFTRA) announced acceptance to trade in over 200 cryptocurrencies, which will help pave the way for Lightning Network to become one of Indonesia's preferred platforms for micro-payments and other transactions'" he added.
Including its recent node launch in Singapore and Germany, the Vancouver, British Columbia-based company said 127 nodes have interconnected with more than 130 transaction channels, routing approximately 10 Bitcoin through its connected channels since launching its first Lightning Network node in late November 2021.
READ: LQwD FinTech deploys key Lightning Network Routing Nodes in Germany and Singapore
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.
LQwD noted that since April 2021, node growth has increased by 227%, from 10,394 to over 34,000 nodes now established.
Additionally, it said Bitcoin (BTC) capacity increased from 1,060 BTC to 3,398 BTC at present, up 220% from January 2021, while payment channels are up 126%, rising from 38,000 to more than 86,000 established since January 2021.
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, LQwD added.
LQwD is a Lightning Network Service Provider (LSP) focused on developing payment infrastructure and solutions accelerating the global megatrend of Bitcoin adoption through the Lightning Network.
The company's mission is to develop institutional-grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin. LQwD also holds and acquires Bitcoin as an operating asset, establishing nodes and payment channels on the Lightning Network.
Contact the author at stephen.gunnion@proactiveinvestors.com