VANCOUVER, BC / ACCESSWIRE / September 5, 2024 / LQWD Technologies Corp., (TSXV:LQWD)(OTCQB:LQWDF) ("LQWD" or "the Company") a Bitcoin backed leader in providing global enterprise grade transaction infrastructure for the Bitcoin Lightning Network ("Lightning Network") is pleased to report the Company's operational progress.
Routing volume continues to climb with total volume through LQWD's infrastructure now exceeding 775,000 transactions, routing over 730 Bitcoin since launching in November 2021.
In August 2024, volume hit a new monthly record with 92,124 transactions, or an average of 2,971 transactions per day over LQWD's infrastructure. This is a 61% increase over the previous 90-day monthly average.
The increase in volume can be attributed to strategic channel openings combined with the Company's new automated rebalancing tools. These tools efficiently manage liquidity across LQWD's internal network of nodes, enhancing LQWD's internal node stability and strengthening the routing paths available for the Company's global routing node network.
LQWD's global network has established over 1,100 connected channels. LQWD's most active node is in Canada, which ranks amongst the top performing nodes on the Lightning Network. Channel and transaction growth in France, Brazil, Sweden, Italy, Singapore, and Japan are also gaining momentum.
LQWD's highly scalable revenue generating model, receives routing and liquidity fees for each transaction over LQWD's infrastructure. These fees are paid in Bitcoin (Satoshi's), which are nominal at present time. However, it is anticipated that the fees and volume will increase based on mass adoption of the Lightning Network. Therefore, LQWD is focussed on building market share and expand the Company's Lightning Network servicies in anticipation of the continued rapid growth of the network.
For more details, check out LQWD's corporate presentation, and stay updated on Lightning Network node growth or connect to the Company's nodes in real time.
More About Lightning Network
Bitcoin Lightning Network is a payment layer for the internet. Lightning Network leverages the power of Bitcoin's supreme trust protocol, which facilitates instant peer-to-peer transactions faster than any other payment rail. It is reported that network activity has increased by 1,200% over the past two years with major participants such as MicroStrategy (MSTR) driving adoption with enterprise grade Lightning Network tools for business, taking advantage of the unmatched capability of the network.
Most recently, Lightning Network announced the integration of stable coin transaction capability, which opens the network to a much wider user base. Furthermore, many of the world's top cryptocurrency exchanges are integrating Lightning Network into their platforms as well as forward-thinking global business as Lightning Network transacts dramatically faster and cheaper than ant current payment rails such as Visa and Mastercard.
About LQWD Technologies
The internet lacks a protocol for money. LQWD is building the infrastructure, to make instant, low cost, internet-powered payments happen. We are building enterprise-ready infrastructure for open payments for the Internet at scale, using the Lightning Network. LQWD is a Bitcoin backed, audited publicly traded company. Our shares trade on the TSX Venture Market, trading symbol: LQWD, and in the United States OTC: LQWDF.
Visit lqwdtech.com for further information.
For further information:
Ashley Garnot, Director
Phone: 1.604.669.0912
Email: [email protected]
Website: www.lqwdtech.com
Twitter: @LQWDTech
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: LQWD Technologies