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Canadian business becomes the first public Lightning Network company

A Canadian business has become the world’s first publicly listed company to be entirely focused on the Lightning Network.

LQwD FinTech Corp. trades under the symbols TSXV:LQWD, OTCQB: LQWDF.

In November 2020, it was announced that Interlapse planned to acquire 100% of the issued and outstanding shares in LQwD, a Bitcoin company that aims to provide enterprise-grade infrastructure, tools and liquidity to support the growth of the Lightning Network ecosystem.

The Lightning Network is a layer-two solution that is built on top of the Bitcoin blockchain — delivering scalable, off-chain, instantaneous and cheap payments. According to LQwD, this technology “is the future monetary network”… and better still, it is already built, functioning and growing.

There has been a lot of enthusiasm associated with this layer-two solution of late, which has been touted as the solution to scaling Bitcoin by enabling global, near-instant, inexpensive transactions — and solving long-standing challenges and limitations with the blockchain’s speed and cost.

A tweet from Elon Musk stated that the Lightning Network is needed to make Bitcoin scalable — and as a result of this infrastructure’s potential being demonstrated, El Salvador is now making Bitcoin legal tender after the president’s bill was passed in Congress.

The power of Lightning

LQwD’s objective is to establish a large footprint in the Lightning Network itself, while providing support to companies and participants in the ecosystem at large. It describes digital assets as “one of the most important and extraordinary investment trends of the century.”

As adoption continues to rise, the Lightning Network is projected to become a major monetary network that enables value to be moved effortlessly around the globe – quickly, efficiently, and at minimum cost.

According to LQwD, this network will inevitably eclipse the patch of legacy financial networks that are used to move value today: “We’re harnessing new payment rails built on top of the blockchain that are capable of Visa-level transaction volumes, are backed by ‘digital gold’ Bitcoin — the native digital currency of the internet itself — and the strongest and most secure global computing network in the world. These new rails, enabled by the Bitcoin Lightning Network, open up a wide opportunity and market segment for digital payments and financial services on a global scale.”

An unprecedented opportunity

Bitcoin and virtual currencies have often been compared to the internet revolution of the 1990s — and right now, we’re seeing these digital currencies being embraced by public companies, financial institutions, banks, businesses, and even governments.

“The full extent of Bitcoin’s long-term impact on society won’t be fully known for years, but its dramatic rate of adoption and its revenue growth — already, today — can’t be disputed,” LQwD’s website says.

Certainly, the bull market that’s been seen over the past six months has powerfully illustrated LQwD’s point.

Listed on both the TSX Venture Exchange and the OTCQB, LQwD says it is determined to acquire new, emerging tech businesses that accelerate its growth — as well as working with start-ups that help encourage Bitcoin adoption worldwide.

Source:Cointelegraph