LQwD Fintech Corp announced it has launched 17 international routing nodes of Lightning Network.
The company told investors that the move positions it to secure future routing fees in a “rapidly expanding” global payments network.
"Since launching our first Lightning Network node in November 2021, LQwD's nodes have already routed over 72 BTC and over 36,000 transactions, which is extremely encouraging in these early stages," CEO Shone Anstey said in a statement.
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"We are making excellent progress establishing LQwD as a serious network participant, and in coming months, we will launch the LQwD business-to-business platform (now in beta), which also allows retail customers to take advantage of the economics and efficiencies of the network."
Vancouver-based LQwD's international routing nodes now include Japan, England, Canada, US-West, France, Italy, Indonesia, Bahrain, South Africa, South Korea, Sweden, Singapore, Brazil, Germany, India, Ireland, and Hong Kong.
The firm said that Lightning Network “continues to experience upward trends” with total network capacity increasing 138% since this time last year.
LQwD expects this trend to continue, as larger enterprises and exchanges such as Kraken, Robinhood, Twitter, and Block (Cash App) all have integrated Lightning Network capabilities, it added.
Meanwhile, LQwD said it has C$1.275 million in cash and equivalents, which is sufficient working capital to maintain operations “for the foreseeable future,” it added.
The firm also holds 121 Bitcoin on the balance sheet. A portion is used to secure routing nodes and establish node liquidity, according to LQwD.
LQwD develops institutional-grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption, utility and scaling Bitcoin.
Contact Angela at angela@proactiveinvestors.com
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