- Bitcoin saw many different milestones during 2021, including surpassing $1 trillion in market value
- LQwD launched its PaaS, lqwd.tech, on November 17, amidst the Adopting Bitcoin – A Lightning Summit in El Salvador
- The Lightning Network has seen explosive growth since January 2021
- LQwD’s corporate and operational update highlights several of the company’s achievements regarding funding, agreements to drive Bitcoin adoption and own Bitcoin deployment to procure additional Lightning Network nodes and provide liquidity for the platform
Bitcoin was officially launched 13 years ago on January 3, 2009, by Satoshi Nakamoto, the pseudonym used by the person or persons who created the cryptocurrency, wrote and published a dedicated white paper on the topic and deployed its initial implementation. As the world’s oldest cryptocurrency is celebrating its 13th anniversary, it does so after a period of significant achievement, with multiple major milestones and firsts attained in 2021 (https://nnw.fm/FW1gb). These milestones include:
- Surpassing $1 trillion in market value – On February 19, 2021, bitcoin hit a $1 trillion market value for the first time
- Becoming the legal tender of El Salvador – The state’s authorities passed a new law to that effect in June 2021
- Launch of the first U.S. futures-based bitcoin ETF – In October, the ProShares futures-based bitcoin ETF made its market debut on the NYSE under the ticker “BITO”
- Bitcoin pricing hitting an all-time high – In November, the price of bitcoin achieved a new record, reaching over $69,044, according to CoinGecko
- 90% of the total bitcoin supply having been mined – As of December 2021, 90% of the total bitcoin supply has been mined, but the remainder of the coin is not expected to be mined until February 2140
- First bitcoin upgrade in four years – The first upgrade to bitcoin since 2017 happened in November 2021 and was named Taproot
Leveraging the growing popularity of cryptocurrency is LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a fintech company focused on creating enterprise-grade infrastructure to drive bitcoin adoption by enabling easier user access to the Lightning Network. The company released a dedicated platform as a service (“PaaS”) for the Lightning Network, https://lqwd.tech, in November.
The platform is designed to make Lightning Network access simpler and to support more users looking to complete transactions instantly, securely, and inexpensively worldwide. Businesses connected can easily deploy, monitor, and manage LQwD’s Lightning Network nodes with little to no technical knowledge required. The company has deployed a part of its own Bitcoin holdings to procure additional nodes and provide liquidity for the platform.
LQwD recently released its corporate and operational highlights, covering the non-brokered private placement for proceeds of C$5,000,000 (US$3.9 million) on June 9 and the completion of an offering of 23,000,000 units for proceeds of C$8,050,000 (US$ 6.3 million) on October 28. The company cumulatively acquired over C$9,000,000 worth of Bitcoin as an operating asset, increasing its holdings to approximately 150 Bitcoin.
In addition to the financials, LQwD also entered a strategic services agreement with Netcoins, Inc., a subsidiary of BIGG Digital Assets Inc., and with Israeli-based Breez Development Ltd. The company also appointed Lightning Network experts Joost Jager and Roy Sheinfeld as strategic advisors and Alexandra Moxin as VP of Product.
LQwD was also invited to participate in Adopting Bitcoin – A Lightning Summit in El Salvador. The summit took place November 16-18 and brought together key groups of industry experts in the Bitcoin and Lightning Network community, discussing the future of money and payments in Central American republic, as well as abroad (https://nnw.fm/yBViR).
LQwD believes that the Lightning Network will become the monetary exchange network of the future, having already experienced impressive growth of more than 200% within the last 12 months and being anticipated to reach 700 million users by 2030. Other milestones achieved by the Network include:
- Node growth of 105% from 770 to over 15,000 nodes that have been established
- Bitcoin capacity increased from 1,125 BTC to almost 3,000 BTC (up 160%)
- From 38,000 to more than 73,000 payment channels established (up 92%)
Several entities have openly expressed their enthusiasm for incorporating the Lightning Network into their platforms, including Lightning Labs, Twitter, and Jack Dorsey’s Square.
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://nnw.fm/LQWDF
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