- The Lightning Network is being incorporated by more companies, including the likes of Meta, which is currently striving to develop its own stablecoin offering but is receiving backlash from the government
- CoinCorner has released the first contactless payment card for the Lightning Network; the card works like Visa and other fiat currency cards but utilizes Bitcoin and the Lightning Network for fast and low fee transactions
- LQwD has ten nodes on the Lightning Network, each growing in BTC capacity and value – the company anticipates continuing to strive toward scalability of BTC
The Bitcoin Lightning Network, a layer 2 payment protocol layered on blockchain-based cryptocurrencies that enable lightning-fast transactions and lower fees, is making headlines. One company, CoinCorner, has announced the launch of the first Bitcoin contactless payment card, powered by near-field communication (“NFC”) and the Lightning Network. “Making in-person payments with Bitcoin and Lightning is still not as efficient and user-friendly as we need it to be for the mass audience. It still involves unlocking a phone, opening an app, scanning a QR code, and then making the transaction,” CoinCorner CEO Danny Scott explained the reason behind the creation of The Bolt Card (https://ibn.fm/FyvO8). “This is a backwards step when it comes to user experience in comparison to what we’re used to today for in-person payments.”
Citing Barclaycard’s data that 91% of in-person payments in the UK during 2021 were made using contactless payments, Scott added, “With contactless (‘NFC’) payments becoming more popular globally, it just makes sense to help with the transition for consumers and offer the most efficient experience.”
As cryptocurrency grows and evolves, many new contenders are working to enter the field – including companies like Meta Platforms, Inc. (NASDAQ: FB) (Facebook/Instagram), who is looking to create its own stablecoin. Creating a stablecoin is not as easy as “dream it, see it, do it.” Even the German and European governments have asked Meta CEO Mark Zuckerberg to table the project as it has faced several regulatory drawbacks. Meta reportedly accepts Bitcoin and continues expressing its interest in blockchain technology, including testing new NFT features on Instagram. Meta’s decision to begin accepting Bitcoin is facilitated through the Bitcoin Lightning Network.
LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a financial technology company focused on the creation of enterprise-grade infrastructure driving the adoption of Bitcoin, has launched several nodes on the Lightning Network using its own Bitcoin as operational assets. The company launched its platform as a service (“PaaS”) offering in November 2021 and began operating its first Lightning Network node in the U.S. around the same time.
LQwD’s current nodes on the Lightning Network, as of May 19, include:
- US-West (capacity 5.528776890 BTC/ US $162,324.83),
- Ireland (capacity 1.612600000 BTC/ US $47,345.92),
- India (capacity 0.370000000 BTC/ US $10,863.20),
- Germany (capacity 2.145000080 BTC/ US $62,977.18),
- Indonesia (capacity 2.169618380 BTC/ US $63,699.97),
- Italy (capacity 1.599000250 BTC/ US $46,946.63),
- Singapore (capacity 2.016596260 BTC/ US $59,207.25),
- Sweden (capacity 1.599100440 BTC/ US $46,949.57),
- England (capacity 1.330100150 BTC/ US $39,051.73), and
- France (capacity 2.191782200 BTC/ US $64,350.70).
To follow LQwD on the Lightning Network, visit https://1ML.com.
The Lightning Network has seen significant growth in the last year, reaching an estimated capacity of 3,539 BTC, and is continually growing at approximately 30% annualized. According to a NASDAQ article, growth was highest in 2021 over the last two years, with the 30-day growth reaching a peak annualized growth rate of nearly 348% in August last year (https://ibn.fm/ZUmk7). “Since then, growth in public channel capacity has slowed but is still growing over 30% annualized when averaging the growth over the last 30 days.”
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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