- The Lightning Network offers consumers increased transaction speeds, worldwide access, and lower fees when sending micropayments across its nodes
- LQwD is leveraging the Lightning Network using its own Bitcoin assets to provide solutions for consumers; company plans to expand reach to 24 countries worldwide by the end of the current quarter
- The need for transparency in the financial industry is fueling the growth of the cryptocurrency market, with an anticipated value of US $4.94 billion by 2030
The concept of The Lightning Network was brought to the general public in 2015 when Bitcoin developers Joseph Poon and Thaddeus Dryja published an article about bringing “scalable off-chain payment” to the public. Since then, the layer 2 payment protocol atop the Bitcoin blockchain has grown, providing higher scalability for sending and receiving payments across channels worldwide. With more countries accepting cryptocurrency payments, there is an increased interest coming from community banks and countries seeking to find viable solutions to their banking problems – giving the masses access to payment solutions, faster transaction times, and enhanced security on a global level.
Leveraging its own Bitcoin assets, LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a financial technology company focused on creating enterprise-grade infrastructure to drive bitcoin adoption, has expanded its reach, providing Lightning Network nodes across 17 countries and a goal of increasing its presence to 24 countries by the end of the current quarter.
LQwD’s first Lightning Network node was released in the US in November 2021 and has since grown to a capacity of over 6 BTC and over 100 channels. In addition to US-West, the company also has nodes in Ireland, India, Germany, Brazil, Hong Kong, Japan, Singapore, Sweden, South Korea, South Africa, Bahrain, France, Canada, Indonesia, Italy, Australia and England. Collectively, these nodes offer users a capacity of over 30 BTC and access to over 300 payment channels. To follow LQwD’s presence on the Lightning Network, visit www.1ML.com.
The company also released the first version of its proprietary technology platform-as-a-service (“PaaS”) in November 2021, allowing for easier management of Lightning Network nodes and offering itself as a Liquidity Service Provider (“LSP”) for merchants.
Transactions on the Lightning Network offer solutions for users and merchants that exceed the limits in place by other providers. In terms of transactions per second (“TPS”), Bitcoin’s blockchain only offers a capacity of 7 TPS, whereas leading providers like Visa offer 24k TPS. The Lightning Network increases the capabilities for sending and receiving payments exponentially, bypassing leading financial institutions with more than a million TPS.
The need for operational efficiency and transparency across payment systems, the rise in demand for remittances in developing countries, increased data security demands, and improved market cap are some of the main factors driving the global cryptocurrency market’s growth, according to Allied Market Research. The market was valued at US $1.49 billion in 2020 and is expected to reach US $4.94 billion by 2030, growing at a CAGR of 12.8% during the forecast period (https://ibn.fm/nrtz0).
With countries looking to make payment solutions easier for consumers, the Lightning Network offers a solution that traditional banks cannot – ease of payment, quicker transaction times, and higher levels of security for each transaction. As more community banks pop up in regions to facilitate the financial needs of consumers, the incorporation of the Lightning Network brings new opportunities for facilitating payments where no structure was available before.
LQwD is at the forefront of making micropayment transactions quick and affordable for consumers by leveraging its Bitcoin assets to create the channels necessary to facilitate growth across the Lightning Network.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ibn.fm/LQWDF
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