- The global cryptocurrency market is expected to grow at a CAGR of 12.8%, to reach US $4.94 billion by 2030
- The increase in cryptocurrency adoption worldwide has shown explosive market growth and the increased need for transaction facilitation like LQwD’s PaaS protocol on the Lightning Network
- India ranks number two in the adoption and use of cryptocurrency
- Experts in the cryptocurrency industry estimate that India has more than 20 million crypto investors, with most growth being driven by users under the age of 35
- LQwD currently has 10 active nodes on the Lightning Network with a capacity of over 10 BTC and global coverage for faster transactions and lower fees
In 2020, the global cryptocurrency market was valued at US $1.49 billion. This number is expected to grow at a CAGR of 12.8% from 2021 to 2030, resulting in a projected value of US $4.94 billion (https://nnw.fm/RVqbS). The growing adoption of cryptocurrency as legal tender around the world is nurturing the market increase, with the United States, El Salvador, India, and China showing remarkable growth. Among the different types of cryptocurrencies circulating, Bitcoin remains one of the more popular selections.
Capitalizing on this growth, the Bitcoin Lightning Network is a layer 2 payment protocol layered on top of blockchain-based cryptocurrency (in this case, Bitcoin) that facilitates faster transactions and lower fees. Companies like LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF) are leveraging this payment protocol, releasing their own platform as a service (“PaaS”) protocols that facilitate sending and receiving payments at lightning speeds across the network. LQwD released its PaaS protocol in November 2021 – https://lqwd.tech/ – which is useable anywhere in the world. Additionally, the company also released its first Lightning Network node in November 2021 in the US.
Since the initial release, LQwD has launched nine additional nodes, the most recent in India. Lightning Network nodes can be viewed and followed by visiting https://1ml.com. LQwD also recently announced that in addition to its launch of the India node, all ten of their operational Lightning Network nodes had completed over 10,000 transactions forwarded (https://nnw.fm/o9N5f).
The current nodes and channels offered by LQwD include India, France, England, Sweden, Singapore, Italy, Indonesia, Germany, Ireland, and the US. The company has used its own reserve of Bitcoin assets to facilitate a presence on the Lighting Network. Transactions completed through the LQwD nodes are faster than traditional blockchain transactions and are completed with lower fees for sending and receiving funds across the network. The entire LQwD protocol has a capacity of over 10 BTC at this time.
“We are experiencing excellent transaction growth since launching our first nodes in November 2021. The launch of our Indian routing node is yet another step in securing a strong presence on Bitcoin’s Lightning Network” LQwD CEO Shone Anstey said. “The more transactions routed through the company’s node network, the better. As each transaction represents a routing fee paid to LQwD. This volume is validation that our Lightning Network presence is building momentum and benefiting from Lightning Network’s exponential growth in adoption.”
Experts in the cryptocurrency industry estimate that India has more than 20 million crypto investors, with most growth being driven by users under the age of 35. Tech-savvy and densely populated, the company is known for rapidly adopting technological and digital applications. India is ranked second in fastest cryptocurrency adoption worldwide and is one of the strongest internet markets with an estimated 750 million users.
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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