LQwD FinTech Corp has told investors it reached two important milestones after it deployed a new routing node in India and its ten global routing nodes collectively reached over 10,000 transactions forwarded.
The company noted that India is a tech-savvy, densely populated country with rapid digital adoption. It is ranked second in countries seeing the fastest growth in cryptocurrency adoption globally, and has one of the strongest internet markets in the world, with approximately 750 million users.
"We are experiencing excellent transaction growth since launching our first nodes in November 2021," CEO Shone Anstey said in a statement. "The launch of our Indian routing node is yet another step in securing a strong presence on Bitcoin's Lightning Network."
READ: LQwD FinTech deploys more European Bitcoin Lightning Network routing nodes
LQwD said industry experts estimate India to have more than 20 million crypto investors, with most growth being driven by users under the age of 35.
"The more transactions routed through the company's node network the better, as each transaction represents a routing fee paid to LQwD." Anstey continued. "This volume is validation that our Lightning Network presence is building momentum and benefiting from Lightning Network's exponential growth in adoption."
It explained that 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, it said the Lightning Network dramatically reduces the fees currently charged to users and serves up instantaneous settlement times.
The company said the network continues to experience explosive growth as follows:
- Since April 2021, node growth has increased 227%, from 10,394 to over 34,000 nodes now established.
- Bitcoin capacity increased from 1,060 BTC to 3,398 BTC, up 220% from January 2021 to the present.
- 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 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 of 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